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12th Economics
Chapter 1
| Question | Answer |
|---|---|
| Economics is the study of how people make _________. | choices |
| Scarcity means there aren't enough ________ to satisfy everyone's wants. | resources |
| Because resources are limited people must make ________. | choices |
| God calls people to be ________ and _________ with what they do have. | responsible faithful |
| People must make choices because they can't have everything they _________. | want |
| Opportunity cost is what is ________ up when a choice is made. | given |
| Every decision has an opportunity cost even if no ________ is spent. | money |
| Thinking ahead helps people make _______ choices. | better |
| Value is __________. | subjective |
| What is valuable to one person may not be to __________ _______. | someone else |
| People make choices based on what they value ________. | most |
| Differences in _______ explains why people make different choices. | value |
| Microeconomic studies _____ scale economic issues. | small |
| Macroeconomic studies ________ scale economic issues. | large |
| Individual choices can affect the overall ________. | economy |
| Both areas of _______ are important for understanding how economy works. | economics |
| Scarcity causes people to make different ___________. | choices |
| Economics helps explain how _______ are made. | choices |
| Opportunity best reminds people that every choice has a _______. | tradeoff |
| Wise economic choices reflect responsibility and good ____________. | stewardship |
| Value depends on _______ preferences. | personal |
Created by:
wellis76
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