Question

1. when consumers attempt to obtain a maximum satisfaction from limited resources, they are *

producing
economizing
determining needs
utilizing resources

1. when a choice is made about the best use of resources, the alternative that is given up is called the ____________ of the that choice. *

economic want
scarcity
opportunity cost
trade - off

Explanation:

For question 29:

• "Producing" refers to creating goods or services, not directly about getting maximum satisfaction from limited resources.
• "Economizing" means making the best use of limited resources to achieve maximum satisfaction, which fits the description.
• "Determining needs" is just identifying what is required, not about optimizing resource use for satisfaction.
• "Utilizing resources" is too general; it doesn't specifically imply maximizing satisfaction from limited resources.

For question 30:

• "Economic want" is a desire for a good or service, not related to the alternative given up.
• "Scarcity" is the limited availability of resources, not the alternative given up.
• "Opportunity cost" is defined as the alternative that is given up when a choice is made about resource use.
• "Trade - off" is related to giving up one thing for another but is a more general term compared to the specific economic term "opportunity cost" in this context.

Answer:

1. B. economizing
2. C. opportunity cost