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Chapter 1 Economics, Key Terms Review

Social Studies

12th Grade

Used 50+ times

Chapter 1 Economics, Key Terms Review
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10 questions

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1.

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2 mins • 2 pts

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

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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