Scarcity and Choice

Question 1

fundamental economic concepts

Answer 1

Scarcity and Choice

Question 2

limited availability of resources, such as time, money, and natural resources, to meet unlimited wants and needs

Answer 2

Scarcity

Question 3

involves individuals and societies making decisions to allocate scarce resources for maximum satisfaction.

Answer 3

Choice

Question 4

what you need for survival

Answer 4

Needs

Question 5

the things that are good but unimportant for survival.

Answer 5

Wants

Question 6

Who created the Hierarchy of Needs?

Answer 6

Abraham Maslow

Question 7

This level of need are human survival biological needs, such as air, food, drink, shelter, clothing, warmth, sex, and sleep.

Answer 7

Physiological Needs

Question 8

This level of need is when a person’s physiological requirements are met, safety and security requirements become prominent.

Answer 8

Safety Needs

Question 9

This level of need motivates behavior because of the need for interpersonal relations.

Answer 9

Love and Belongingness

Question 10

This level of need is about respect or reputation prior to genuine dignity or self-esteem.

Answer 10

Esteem Needs

Question 11

This level of need refers to the recognition of an individual’s potential, self-fulfillment, personal development, and highest experiences. This level is described as a desire to achieve everything you can and be the most.

Answer 11

Self-Actualization

Question 12

This additional hierarchy of needs is about knowledge and understanding, curiosity, exploration, need for meaning and predictability.

Answer 12

Cognitive needs

Question 13

This additional hierarchy of needs is about appreciation and search for beauty, balance, form, etc.

Answer 13

Aesthetic needs

Question 14

This additional hierarchy of needs is about a person motivated by values that transcend beyond the personal self.

Answer 14

Transcendence needs

Question 15

The most exact and complete concept of cost. It is the cost that we must use in making decisions or analyzing the decisions made by other people.

Answer 15

Opportunity cost

Question 16

This type of opportunity cost is everything you actually sacrifice in making the choice.

Answer 16

Opportunity cost for Individuals

Question 17

This type of opportunity cost arises from a different source: the scarcity of society’s resources.

Answer 17

Opportunity cost and Society

Question 18

discussing the constraints the society is facing by using a concept. This represents the maximum production of two goods in an economy, illustrating trade-offs and opportunity costs.

Answer 18

Production Possibilities Frontier (PPF)

Question 19

This factor that can shift a society’s PPF is about the improvements in technology, productivity and efficiency also improve making our PPF shift outwards.

Answer 19

A Shift in Technology

Question 20

This factor that can shift a society’s PPF is about the workers or employers gain knowledge or training to improve the productivity and efficiency of production, the PPF will shift outwards

Answer 20

More Education or Training

Question 21

This factor that can shift a society’s PPF is about the occurrence of a natural disaster affects the production, the PPF will shift inwards.

Answer 21

Natural Disaster