Question

there are not enough resources to produce everyone’s wants
the quantity of goods and services demanded exceeds quantity of goods and services supplied.
people are greedy and use resources wastefully
people have more wants than needs.

2 multiple choice 1 point
because people have unlimited wants and limited resources, they must
make choices about which wants to satisfy.
recycle and reuse resources.
create more resources.
produce more goods and services to satisfy their wants.

3 multiple choice 1 point
what is an opportunity cost?
the most valued opportunity you choose when making a choice
the most valued opportunity you give up when making a choice
the least valued opportunity you give up when making a choice
the least valued opportunity you choose when making a choice

Explanation:

Question 2 (Multiple Choice)

The core economic concept here is scarcity (unlimited wants, limited resources). When resources are limited and wants are unlimited, people must decide which wants to fulfill (make choices). Recycling/reusing is about resource efficiency, not a direct response to scarcity's choice requirement. Creating more resources is not feasible in the basic scarcity context (resources are limited by definition in the short - run for this concept). Producing more goods/services still faces resource limits. So the correct choice is the one about making choices.

Opportunity cost is defined as the value of the next - best (most valued) alternative that is forgone when a choice is made. It's not the chosen opportunity (that's the benefit of the choice), nor the least - valued forgone or chosen opportunity. So the correct option is the one about the most valued opportunity given up.

Answer:

A. make choices about which wants to satisfy.

Question 3 (Multiple Choice)