Economics CBM #1 Chapters 1 and 2

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Name:_________________________

Block:_______Date:______________

Economics CBM #1

Chapters 1 and 2

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)

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