Econ Unit 1

Economics is the study of how ______________, _________________, and ___________________ use their scarce or limited resources.

Economics is the study of how ______________, _________________, and ___________________ use their scarce or limited resources.

What are the 4 factors of production?

What is the difference between wants and needs?

(a)  

Tools and machines, a person or a business uses to produce goods and services is called _________?

A _____________________ buys and use goods and services.

The condition in which there aren't enough resources available to produce everything that individuals need is__

The value of goods and services that are given up in order to obtain an alternative good or service is__

The visual represents which of the following?

The production possibilities curve is a visual representation of which concept?