Econ-Unit 1-Test Word Scramble
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| Question | Answer |
| What is economics? | The study of choices that people make to satisfy their needs and wants |
| Study of choices made by economic actors such as , households and companies markets | Microeconomics |
| examines the behavior of entire economies | Macroeconomics |
| Who makes decisions? | Consumers and Producers |
| Consumer | people who decide to buy things |
| Producer | people who make the things that satisfy needs and wants |
| What are decisions based on? | needs and wants |
| Scarcity | All resources are limited, however, people’s wants are unlimited |
| 3 Basic Economic Questions | what to produce how to produce it For whom to produce |
| list and explain the four Factors of Production | Natural Resource (land) Human Resources (labor) Capitol Resources (capitol) Entrepreneurship |
| What is a production possibilities curve? | Shows all of the possible combinations of two goods or services that can be produced within a stated period of time, given two important assumptions |
| What two assumptions are made when developing a PPC? | The amount of available resources and technology will not during the period being studied All of the natural , human and capital resources being used in most efficient manner possible |
| What causes a PPC to shift? | New or more advanced resources become available or resources are destroyed or taken |
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