The next best use alternative use of money, time, or resources when making a choice

The list of alternatives that are available when making a choice

The diagram represents the maximum number of goods that can be sold

A simplified version of a complex concept or behaviour

Because the state requires that we do so and we just love learning about the economy

To become independently wealthy

Because we want to graduate

Although all these answers are technically correct, the most correct answer is: to learn how to make wise decisions to satisfy unlimited wants using limited resources.

Price floors/ price ceilings

Shortage

Scarcity

The study of microeconomics

The number 2 alternative in your list of choices

The next best choice and one you didn’t choose

Your number 1 tradeoff when making a choice

Your most desirable tradeoff

All of these answers are examples of Opportunity cost (OC)

Rent for land, wages or labor, profit for capital, interest or entrepreneurship

Land, labour, capital, entrepreneurship

Land, Labour, Physical capital, financial capital

Land, labor, resources, profits

Scarcity is a natural and re-occurring condition; shortage is a man-made condition

Occurring condition; shortage is a man-made condition, shortage doesn’t impact everyone, whereas shortage does impact all people.

The shortage is a natural and re-occurring condition; scarcity is a man-made condition

The shortage is a fundamental, universal economic problem.