Chapter 1 Economics, Key Terms Review

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

These are economic resources needed to produce goods and services.

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

A ___________ is the alternative people give up when they make choices.

________________ is the value of something that is given up to get something else that is wanted.

An ________________ is a simplified representation of economic activity.

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

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

_______________ is the study of individuals, families, and businesses in an economy.

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