Fill in the blanks using the number that correspond to the correct word or phrase in the word bank below;1. for whom2. what3. scarcity4. limited5. unlimited6. opportunity cost7. amount spent8. choices9. alternative10. howbut our wants, our desires for the things that we can produce with those resources, areBecause our resources are limited, we cannot say yes to everything to say yes to one thing requires that we say no to another.In any economy resources tend to beWhether we like it or not, we must makeis the condition of having to choose among auses. The choices we confront as a result of scarcity raise three sets of issuesalternatives.The test of whether a resource is scarce whether it hasshould be produced,it should be produced andit should beproduced. It is within the context of scarcity that economists define what is perhaps the most important concept in all of economics, the concept ofthe value of the best alternative forgone in making any choice. Opportunity cost is the value of the best opportunity forgone in aparticular choice. It is not simply theon that choice.

We know that in this world resource is limited, and economics is all about the study and allocation…

Fill in the blanks using the number that correspond to the correct word or phrase in the word bank below; 1. for whom 2. what 3. scarcity 4. limited 5. unlimited 6. opportunity cost 7. amount spent 8. choices 9. alternative 10. how In any economy resources tend to be but our wants, our desires for the things that we can produce with those resources, are Because our resources are limited, we cannot say yes to everything to say yes to one thing requires that we say no to another. is the condition of having to choose among alternative Whether we like it or not, we must make The test of whether a resource is scarce whether it has uses. The choices we confront as a result of scarcity raise three sets of issue should be produced, it should be produced and it should be produced. It is within the context of scarcity that economists define what is perhaps the most important concept in all of economies, the concept of the value of the best alternative forgone in making any choice. Opportunity cost is the value of the best opportunity forgone in a particular choice. It is not simply the on that choice.

Fill in the blanks using the number that correspond to the correct word or phrase in the word bank below; 1. for whom 2. what 3. scarcity 4. limited 5. unlimited 6. opportunity cost 7. amount spent 8. choices 9. alternative 10. how In any economy resources tend to be but our wants, our desires for the things that we can produce with those resources, are Because our resources are limited, we cannot say yes to everything to say yes to one thing requires that we say no to another. is the condition of having to choose among alternative Whether we like it or not, we must make The test of whether a resource is scarce whether it has uses. The choices we confront as a result of scarcity raise three sets of issue should be produced, it should be produced and it should be produced. It is within the context of scarcity that economists define what is perhaps the most important concept in all of economies, the concept of the value of the best alternative forgone in making any choice. Opportunity cost is the value of the best opportunity forgone in a particular choice. It is not simply the on that choice.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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