Chapter 1 Economics, Key Terms Review

What is the study of how people choose to use scarce resources to satisfy their wants?

(a)  

These are economic resources needed to produce goods and services.

(a)  

(a)   is the combination of vision, skills, ingenuity, and willingness to take risks that are needed to create and successfully operate a business.

A (a)   is the alternative people give up when they make choices.

(a)   is the value of something that is given up to get something else that is wanted.

An (a)   is a simplified representation of economic activity.

The (a)   is a graph used by economists to show the impact of scarcity on an economy.

(a)   is when a company/business is producing fewer goods and services than possible.

(a)   is the study of individuals, families, and businesses in an economy.

(a)   is the study of the economy as a whole and is connected with large scale economic activity.