TOPIC 1 LESSON 1 SCARCITY & FACTORS OF PRODUCTION

To arrive at an economic decision, a decision-making grid may be used to evaluate

Some necessities have little value while some non-necessities have a much higher value  

Division of labor is a characteristic of

Manufactured goods needed to produce other goods and services are called

When you buy a new pair of shoes it is a

Entrepreneurs are considered the driving force in an economy because they

An economy at its production possibilities frontier is operating

Economics is the study of people making decisions based on

The study of economics is important because it enables us to

A popular model used to illustrate the concept of opportunity cost is