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Intro to Econ
- 1. scarcity
- 2. trade-off
- 3. Production Possibilities Curve
- 4. normative economics
- 5. entrepreneurship
- a. involves the vision, skills, and risk taking needed to create and run businesses
- b. a graph used by economist to show the impact of scarcity on an economy
- c. invokes judgment of what economic behavior ought to be
- d. alternative people give up when they makechoices
- e. when there are not enough resources to satisfy human wants
Name: ___________________________________
Date: ___________________________________
Date: ___________________________________
Intro to Econ (Answer Key)
- e 1. scarcity
- d 2. trade-off
- b 3. Production Possibilities Curve
- c 4. normative economics
- a 5. entrepreneurship
- a. involves the vision, skills, and risk taking needed to create and run businesses
- b. a graph used by economist to show the impact of scarcity on an economy
- c. invokes judgment of what economic behavior ought to be
- d. alternative people give up when they makechoices
- e. when there are not enough resources to satisfy human wants
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