(6 points) Match the key term with the best definition Column A 1. Scarcity 2. Demand 3. Opportunity Costs...

Question 3 (6 points)
Match the key term with the best definition
Column A
1. Scarcity
2. Demand
3. Opportunity Costs
4. Factors of Production
5. Production Possibilities Curve
6. Trade Offs
Column B
a. The demand for a good or service is greater than the availability of the good or service
b. The resources people use to produce goods and services
c. An economic concept that relates to a consumer’s desire to purchase goods and services and willingness to pay a specific price for them
d. Graphical representation of the different amounts of a product that a business or economy can produce based on a shared resource.
e. The potential benefits that an individual, investor, or business misses out on when choosing one alternative over another
f. Involves a sacrifice that must be made to get a certain product or experience
Question 4 (2 points)
Which of the following is the most fundamental issue that economics addresses?
a. Reduction of unemployment
b. Reduction of budget deficit
c. Choice of appropriate technology
d. Use of scarce resources