Please select the economic term that is best described in ea

Please select the economic term that is best described in each of the following questions.

A- People have limited resources:

1-Entrepreneurship 2- Business Cycle 3- Margins 4- Recession 5- Trade offs 6- ScarcityYou have to give one thing up in order to consume another.

B- You have to give one thing up in order to consume another.

1-Recession

2-Budgeting

3-Tradeoffs

4-Scarcity

5-Margins

6-Financial Capital

Solution

People have limited resources -- Scarcity

You have to give one thing up in order to consume another -- Tradeoffs