For each question, fill in the blank with the correct term from the following list.
marginal
incentive
1.
5.
6.
7.
8.
want
resource
scarcity
opportunity cost
trade-off
theory
production possibilities frontier tangible
rationing device
intangible
economics
goods
further production.
2. Something is
if it can be felt or touched.
3.
In economics,
means additional.
4. The special talent that some people have for searching out and taking advantage of new business
opportunities and for developing new products and new ways of doing things is referred to
10.
as
microeconomics
macroeconomics
Anything that is used to produce goods or services is a(n)
utility
disutility
services
refers to produced goods that can be used as resources for
resources available to satisfy those wants.
An economist uses a(n)_
obvious answer.
land
labor
capital
entrepreneurship
is the quality of bringing satisfaction or happiness.
is the condition in which our wants are greater than the
relatively small units-an individual, a business firm, or a single market.
An acre of woods, mineral deposits, and water in a stream are all considered.
9.
resources.
focuses on human behavior and choices as they relate to
to answer a question that has no
11. A graphical representation of all possible combinations of two goods that an economy can produce
is a(n).