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Economics Chapter 1 Quiz
Chapter 1: Thinking the Economic Way
- 1. scarcity
- 2. trade-off
- 3. production possibilities curve (PPC)
- 4. normative economics
- 5. entrepreneurship
- a. when there are not enough resources to satisfy human wants
- b. involves the vision, skills, and risk-taking needed to create and run businesses
- c. involves judgements of what economic behavior ought to be
- d. the alternative people give up when they make choices
- e. a graph used by economists to show the impact of scarcity on a economy
Economics Chapter 1 Quiz (Answer Key)
Chapter 1: Thinking the Economic Way
- a 1. scarcity
- d 2. trade-off
- e 3. production possibilities curve (PPC)
- c 4. normative economics
- b 5. entrepreneurship
- a. when there are not enough resources to satisfy human wants
- b. involves the vision, skills, and risk-taking needed to create and run businesses
- c. involves judgements of what economic behavior ought to be
- d. the alternative people give up when they make choices
- e. a graph used by economists to show the impact of scarcity on a economy
When you're ready to print, just click this button: Make Print-Friendly