Question 1

limited resources to satisfy our unlimited needs/wants

Accepted Answer

Scarcity

Question 2

something we desire, but not needed for survival, different for everyone, and change overtime

Accepted Answer

a want is

Question 3

something needed for survival, they are the same for everyone and never change

Accepted Answer

a need is

Question 4

vacation, iPhone 8, designer clothes, diamond ring

Accepted Answer

examples of wants

Question 5

air, shelter, drinking water, clothing

Accepted Answer

examples of needs

Question 6

having to choose between two things-not always all or nothing

Accepted Answer

trade-off

Question 7

the value of what you gave up

Accepted Answer

opportunity cost

Question 8

weighing the pros and cons of a transaction or choice

Accepted Answer

cost benefit analysis

Question 9

social science that deals with the choices that are made as a result of scarcity

Accepted Answer

economics

Question 10

debate between spending resources on public goods or military (defense)

Accepted Answer

guns and butter

Question 11

There is no such thing as a free lunch because every choice has a cost associated with it

Accepted Answer

TINSTAAFL

Question 12

benefit or satisfaction from consuming a product

Accepted Answer

utility

Question 13

physical object that can be bought such as shoes or coffee

Accepted Answer

good

Question 14

work that people do for others such as giving a massage or counseling

Accepted Answer

service

Question 15

something that encourages us to act or certain way, such as an award for winning

Accepted Answer

incentive

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