1 Match the term and its definition. E. Opportunity Cost B. Sunk cost D. Absolute advantage F. Market equilibrium C. Normal good J. Market economy A. Scarcity I. Centrally Planned Economy H. Inferior good G. Comparative advantage A. The condition when wants/needs exceed the resources available to meet those wants/needs. B. A cost that is beyond recovery when a decision must be made. C. A good whose demand curve shifts rightward when the incomes of its buyers increase. D. When a person can perform a task better or in less hours than another. E. The value of what must be forgone in order to undertake an activity. F. When all buyers and sellers are satisfied with their respective quantities in a market. G. When the opportunity cost of one person performing a task is lower than that of another. H. A good whose demand curve shifts leftward when the incomes of its buyers increase. I. When economic decisions are made by an individual or small group on behalf of a larger group. J. When individuals interacting with businesses in private markets make the economic decisions. 10 points QUESTION 2 The scarcity principle states society will evenutally run out