ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An action or activity that one person performs for another
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Want
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Need
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Good
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Service
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Explanation:
Detailed explanation-1: -Services are actions or activities that one person performs for another.
Detailed explanation-2: -Labor is the effort people devote to tasks for which they are paid.
Detailed explanation-3: -Answer: Production is an activity that involves making of goods and services that a person needs.
Detailed explanation-4: -Trade-offs are all the alternatives that we give up whenever we choose one course of action over others. The most desirable alternative given up as a result of a decision is known as opportunity cost.
Detailed explanation-5: -A shortage is a situation in which a good or service is unavailable.
There is 1 question to complete.