Which statement best describes relative scarcity?, Resources are unlimited and wants are limited, Both resources and wants are unlimited, Wants are unlimited but resources are limited, Consumers never need to make choices, Which item is most clearly a need?, Basic food, Designer shoes, A new laptop, Watching movies, What is an opportunity cost?, The most expensive choice, The next-best alternative given up, A product feature, A future discount, Budget is a, Formal statement of past, actual income and expenses, Formal statement of estimated income and expenses, Informal statement of estimated income and expenses, Informal statement of past, actual income and expenses, Income is ..., Money that individual/business receives on irregular basis, Money that an individual/business provides on regular basis, Money that an individual/business receives on regular basis, Money that individual/business provides on irregular basis, Expense is ..., Any income incurred by business in order to generate loss, Any income incurred by business in order to generate revenue, Any cost incurred by business in order to generate loss, Any cost incurred by business in order to generate revenue

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