Name:_________________________
Block:_______Date:______________
1.
_____ any factor that motivates a person to do something
2.
_____ risk-taking behavior
3.
_____ unlimited wants, limited resources
4.
_____ Land, labor, capital, entrepreneurship
5.
_____ a system used to manage wants vs. needs
6.
_____ describing how things are
7.
_____ the value of the next best alternative
8.
_____ describing how things should be
9.
_____ a simple model of an economy that shows all the combinations of two goods that an
economy can produce
10.
_____ physical things produced for sale
11.
_____ the study of how people use resources to meet their wants
12.
_____ a measure of efficiency of production
13.
_____ work done that someone will pay for
14.
_____ exchange one benefit for another, better one
15.
_____ tools, machines and buildings used to make things
16.
_____ a way to compare costs with benefits a.
economics b.
economy c.
positive economics d.
normative economics e.
scarcity f.
tradeoff g.
cost-benefit analysis h.
incentive i.
goods j.
services k.
factors of production l.
entrepreneurship m.
capital n.
productivity o.
opportunity cost p.
production possibilities frontier (PPF)