1st Nine Weeks Exam - Economics

Front

Scarcity exists because:

Back

Insufficient resources to meet everyone's wants.

Front

Scarcity will persist due to finite resources.

Back

Resources will always be finite.

Front

Desire not essential for survival

Back

Want

Front

Essential for survival

Back

Need

Front

People who provide money to start and run a business are called _________________.

Back

entrepreneurs

Front

Consumer's desire to buy a good or service.

Back

demand

Front

Individuals who create and realize new ideas for goods or services.

Back

entrepreneur

Front

Effect of price increase on demand for a good/service

Back

demand goes down

Front

Study of using limited resources to satisfy needs and wants.

Back

Economics

Front

A ____________ involves giving up one option for something of greater value.

Back

Trade-off