Question

1. what is economics? give a definition using your own words. 2. what is an opportunity cost? give a definition using your own words. 3. make a prediction: how could we ensure a death due to a traffic accident could never happen again? 4. what is the opportunity cost of having a strong military? 5. what is scarcity? give a definition using your own words. 6. what is the difference between macroeconomics and microeconomics? give a definition using your own words.

Explanation:

1. Economics studies how societies allocate scarce resources to satisfy unlimited wants. It looks at production, distribution, and consumption of goods and services.
2. Opportunity cost is the value of the next - best alternative forgone when a decision is made. It represents the trade - offs in choosing one option over another.
3. Ensuring no traffic - accident deaths would require comprehensive measures like stricter traffic laws, better vehicle safety standards, improved road infrastructure, and extensive driver education.
4. The opportunity cost of having a strong military could be the resources (money, labor, materials) that could have been used for other purposes such as education, healthcare, or infrastructure development.
5. Scarcity refers to the limited availability of resources relative to the unlimited wants and needs of society. It forces individuals, businesses, and governments to make choices.
6. Macroeconomics focuses on the overall performance of an economy, such as economic growth, inflation, and unemployment at a national or global level. Microeconomics, on the other hand, examines the behavior of individual economic agents like households, firms, and markets.

Answer:

1. Economics is the study of how societies allocate scarce resources to meet unlimited wants, covering production, distribution, and consumption.
2. Opportunity cost is the value of the best - alternative not chosen when making a decision.
3. Comprehensive measures like strict laws, better vehicle safety, improved roads, and driver education are needed.
4. Resources that could be used for other areas like education or healthcare.
5. Scarcity is the limited availability of resources compared to unlimited wants.
6. Macroeconomics looks at the whole economy's performance; microeconomics focuses on individual economic units.