Question

Match the items in the left column to the items in the right column.

1) 1. allocate objects that can satisfy people's needs or wants
2) 2. benefit social science that focuses on decision-making
3) 3. consumer person whose needs and wants are satisfied by using goods and services
4) 4. cost distribute
5) 5. economics someone who organizes productive resources to make goods and services
6) 6. entrepreneur what is given up when a decision is made
7) 7. good what is gained when a decision is made

Answer 1

Economics is about decision-making in the face of resource scarcity, how to allocate them, and the costs and benefits associated with those decisions.

Step-by-step explanation:

Economics is a social science focused on how individuals and societies make decisions due to scarcity of resources. It involves the allocation of limited resources to satisfy human needs and wants. Here's a matching of the items based on economics terminologies:

1. Allocate - Distribute (4)
2. Resources - Objects that can satisfy people's needs or wants (1)
3. Consumer - Person whose needs and wants are satisfied by using goods and services (3)
4. Cost - What is given up when a decision is made (6)
5. Economics - Social science that focuses on decision-making (2)
6. Entrepreneur - Someone who organizes productive resources to make goods and services (5)
7. Benefit - What is gained when a decision is made (7)

Scarcity means that there's a finite amount of resources like labor, tools, land, and time, which are all essential to create the goods and services that fulfill our wants and needs.