Please select the economic term that is best described by each statement below. There are limited resources to satisfy all of society's wants. recession margins scarcity business cycle trade-off entrepreneurship

Respuesta :

The given 'economic terms' are correctly matched with their descriptions as follows:

1). There are limited resources to satisfy all of society's wants. - Scarcity

2). Comparison of the benefits and costs of engaging in an activity. - Trade-off

  • 'Economy' is characterized as the domain that 'studies the production of goods with limited resources, its distribution across the distinct regions, and its consumption by the individuals.'
  • In the economic context, 'scarcity' is defined as the situation that arises due to the limited available resources for producing goods while having unlimited demand for them.
  • While 'trade-off' stands for the situation in which 'the benefit caused by one good is given up or decreased for buying another good or take its benefits.'
  • Thus, it aims to establish a balance among the benefits, as well as, price of the two. Hence, they would be matched as shown above.

Explanation:

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