Economics Unit 1 Week 1 Vocabulary

Front

Fill in the blank: _______ is the study of how society manages its scarce resources.

Back

Economics

Front

Fill in the blank: _______ is a condition in which there are not enough resources available to produce everything that individuals demand.

Back

Scarcity

Front

Fill in the blank: _______ is the value of goods and services that are given up to obtain an alternative good or service.

Back

opportunity cost

Front

Fill in the blank: _______ are the resources needed to produce goods and services, including land, labor, capital, and entrepreneurship.

Back

factors of production

Front

Fill in the blank: _______ are supplies of something of value.

Back

resources

Front

Fill in the blank: _______ is a process created to manage the production, consumption, and distribution of goods and services.

Back

economic system

Front

Fill in the blank: _______ is a visual representation showing the relationship between the factor market and the product market.

Back

circular flow model

Front

Fill in the blank: Use your own definition for the word _______.

Back

choice

Front

Fill in the blank: _______ is something that induces a person to act.

Back

Incentives

Front

Fill in the blank: _______ is the company making a product.

Back

producers