What is the study of how people choose to use scarce resources to satisfy their wants?
Chapter 1 Economics, Key Terms Review

Quiz
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Social Studies
•
12th Grade
•
Easy
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10 questions
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1.
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2 mins • 2 pts
2.
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2 mins • 2 pts
These are economic resources needed to produce goods and services.
3.
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2 mins • 2 pts
_____________ is the combination of vision, skills, ingenuity, and willingness to take risks that are needed to create and successfully operate a business.
4.
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2 mins • 2 pts
A ___________ is the alternative people give up when they make choices.
5.
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2 mins • 2 pts
________________ is the value of something that is given up to get something else that is wanted.
6.
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2 mins • 2 pts
An ________________ is a simplified representation of economic activity.
7.
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2 mins • 2 pts
The ________________ is a graph used by economists to show the impact of scarcity on an economy.
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