Questions: 2. The choice(s) you make when you give up one choice over another is a(n) A. marginal benefit B. marginal cost C. tradeoff D. priority 3. Things that a person desires but can live without are A. needs B. ethics C. values D. wants 4. The beliefs, behaviors, and other characteristics common among a group or society is their A. culture B. demographic C. globalization D. ethics 5. Paying to have your hair cut, lawn mowed, taxes filed, or house cleaned are all examples of A. goods B. values C. tangibles D. services 6. Which of the following is an example of exploring all alternatives during the decision-making process? A. Realizing you never have time to exercise. B. Deciding that your best option to fit more exercise into your day is to cut back on watching television.

2. The choice(s) you make when you give up one choice over another is a(n) A. marginal benefit B. marginal cost C. tradeoff D. priority 3. Things that a person desires but can live without are A. needs B. ethics C. values D. wants 4. The beliefs, behaviors, and other characteristics common among a group or society is their A. culture B. demographic C. globalization D. ethics 5. Paying to have your hair cut, lawn mowed, taxes filed, or house cleaned are all examples of A. goods B. values C. tangibles D. services 6. Which of the following is an example of exploring all alternatives during the decision-making process? A. Realizing you never have time to exercise. B. Deciding that your best option to fit more exercise into your day is to cut back on watching television.
Transcript text: 2. The choice(s) you make when you give up one choice over another is a(n) A. marginal benefit B. marginal cost C. tradeoff D. priority 3. Things that a person desires but can live without are $\qquad$ A. needs B. ethics C. values D. wants 4. The beliefs, behaviors, and other characteristics common among a group or society is their $\qquad$ A. culture B. demographic C. globalization D. ethics 5. Paying to have your hair cut, lawn mowed, taxes filed, or house cleaned are all examples of $\qquad$ A. goods B. values C. tangibles D. services 6. Which of the following is an example of exploring all alternatives during the decision-making process? A. Realizing you never have time to exercise. B. Deciding that your best option to fit more exercise into your day is to cut back on watching television.
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Solution

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Answer

The answer is C. tradeoff

Explanation
Option A: Marginal benefit

Marginal benefit refers to the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service. It is not related to the concept of giving up one choice over another.

Option B: Marginal cost

Marginal cost is the cost of producing one more unit of a good or service. It is an economic term used in production and does not directly relate to the concept of making a choice between alternatives.

Option C: Tradeoff

A tradeoff involves a situation where choosing one option means giving up another. It is the concept of balancing between two or more choices, which is exactly what happens when you give up one choice over another.

Option D: Priority

Priority refers to the importance given to certain tasks or choices over others. While it can influence decision-making, it does not specifically describe the act of giving up one choice for another.

Answer

The answer is D. wants

Explanation
Option A: Needs

Needs are essential for survival, such as food, water, and shelter. They are not things a person can live without.

Option B: Ethics

Ethics refers to moral principles that govern a person's behavior. It is not related to desires or wants.

Option C: Values

Values are principles or standards of behavior that are considered important in life. They are not desires that a person can live without.

Option D: Wants

Wants are things that a person desires but can live without. They are non-essential and are often influenced by personal preferences and cultural factors.

Answer

The answer is A. culture

Explanation
Option A: Culture

Culture encompasses the beliefs, behaviors, and other characteristics common among a group or society. It includes language, customs, traditions, and values.

Option B: Demographic

Demographic refers to statistical data relating to the population and particular groups within it. It does not describe beliefs or behaviors.

Option C: Globalization

Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale. It is not related to the characteristics of a specific group or society.

Option D: Ethics

Ethics refers to moral principles that govern a person's behavior. It is not a comprehensive term for the beliefs and behaviors of a group or society.

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