Economics Chapter 1, Section 3

Question 1

The want or frequent request for an item can also be called

Accepted Answer

Demand

Question 2

Simplified representations of complex economic activities, systems, or problems- to clarify trade-offs.

Accepted Answer

Economic Models

Question 3

The most important economics law/theory discussed in Chapter 1, Section 3 is the

Accepted Answer

Law of Increasing Opportunity Costs

Question 4

A graph used to illustrate the maximum number of goods or services that can be produced using limited resources

Accepted Answer

Production Possibilities Curve

Question 5

The availabilty of a specific item is determined based upon its available:

Accepted Answer

Supply

Questions 5