Give a term to represent the statements below.
i)Limited resources hence one cannot create enough goods and services
ii)A decision to satisfy some wants due to limited resources
iii)A list of unsatisfied wants in order of priority
iv)The cost of satisfying a want in terms of forgone alternative
Answer:
i)
-Scarcity
ii)
-Choice
iii)
-Scale of preference
iv)
-Opportunity cost
-Scarcity
ii)
-Choice
iii)
-Scale of preference
iv)
-Opportunity cost
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Explain the following as used in satisfaction of human wants.
-Utility
-Producer goods
-Scarcity and choice
-Scale of preference 
