Question

match the terms with their definitions. refer to the ability to put off something mildly fun or pleasurable now in order to wait for something that is greatly fun, pleasurable, or rewarding later. the basic economic problem that arises because people have unlimited wants but resources are limited. refer to what you give up when you make a decision, the trade - off when you make a choice of how you spend your money, time or effort. the theory explaining the interaction between the supply of a resource and the demand for that resource. choose choose supply delayed gratification opportunity cost scarcity need law of diminishing marginal utility the law of supply and demand value

Explanation:

1. "The ability to put off something for something that is greatly fun, pleasurable, or rewarding later" - This describes delayed gratification, which is the act of resisting an immediate reward in preference for a later, more significant one.
2. "Something that is fun or pleasurable now in order to wait for something that is greatly fun, pleasurable, or rewarding later" - This is also related to the concept of delayed gratification, where one forgoes an immediate pleasure for a future - greater one.
3. "The basic economic problem that arises because people have unlimited wants but resources are limited" - This is scarcity, which is a fundamental concept in economics highlighting the gap between unlimited human wants and limited resources.
4. "What you give up when you make a decision, the trade - off when you make a choice of how you spend your money, time or effort" - This is opportunity cost, which represents the value of the next best alternative forgone when a decision is made.
5. "The theory explaining the interaction between the supply of a resource and the demand for that resource" - This refers to the law of supply and demand, which is a key economic principle that describes the relationship between the quantity of a good or service that producers are willing to supply and the quantity that consumers are willing to demand.

Answer:

1. Delayed gratification
2. Delayed gratification
3. Scarcity
4. Opportunity cost
5. The law of supply and demand