Match List I with List II List - I List – II (A) Scarcity (I) Judgements and Suggestions (B) Opportunity Cost (II) Possible combinations of two goods  (C) Production Possibility Frontier  (III) Unlimited Human Wants (D) Normative Economics (IV) Next Best Alternative Choose the correct answer from the options given below:

A-III, B-IV, C-II, D-I A-I, B-II, C-III, D-IV A-II, B-III, C-IV, D-I A-IV, B-I, C-II, D-III

A-III, B-IV, C-II, D-I

List I List II Explanation (A) Scarcity (III) Unlimited Human Wants Scarcity exists because human wants are unlimited, while resources are limited. (B) Opportunity Cost (IV) Next Best Alternative The opportunity cost is the next best alternative that is forgone when making a decision. (C) Production Possibility Frontier (II) Possible combinations of two goods The production possibility frontier shows the maximum combinations of two goods that can be produced with limited resources. (D) Normative Economics (I) Judgements and Suggestions Normative economics deals with judgements and suggestions about what the economy "ought" to be like.