Economics Word Scramble
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| Question | Answer |
| Economics | The study of how people seek to satisfy their needs and wants by making choices |
| Scarcity | Limited amounts of goods and unlimited want |
| PPC | Productions Possibilites Curve Graph that shows alternative ways to use an economy's productive resources |
| Law of increasing opportunity cost | As production shifts from making one item to second item, more resources are needed to increase production of the second item |
| 3 economic questions | what do we need to produce? How should it be produced? who are we producing it for? |
| Adam Smith | Buyers and sellers only consider their self interest. It's the motivating force in a free market |
| Incentive | Hope of reward or fear of penalty. |
| Communism | The central government owns and controls all resources and production |
| Socialism | Based upon the belief that wealth should be distributed evenly among society |
Created by:
krispenc
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