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Match each term with the correct statement below.

1. Most desirable alternative given up when people choose one course of action over another
2. Limited quantities of resources to meet unlimited needs or desires
3. Actions or activities that one person performs for another
4. Physical objects that can be exchanged
5. Paid effort that people devote to a task
6. Use of resources in a way that maximizes output of goods and services

A. Efficiency
B. Goods
C. Trade-off
D. Production Possibilities Graph
E. Scarcity
F. Services
G. Shortage
H. Opportunity Cost
I. Underutilization
J. Labor
K. Factors of Production

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Final answer:

Opportunity cost, scarcity, and labor are fundamental concepts in economics that explain decision-making and resource allocation.


Explanation:

Opportunity cost: the value of the best alternative forgone when a choice is made. For example, if a country chooses to allocate resources to produce military equipment, the opportunity cost could be the foregone production of healthcare services.

Scarcity: the condition where resources are limited compared to unlimited wants or needs of individuals. An example is when a company has to decide between producing SUVs or electric cars due to limited resources.

Labor: actions or activities performed by one person for another in exchange for payment. This can include services such as teaching, nursing, and construction work.


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