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Economics is the social science that studies how people cope with the ever-present problem of ________.
scarcity.
The fundamental economic problem of having limited resources but unlimited ________ is known as scarcity.
wants.
The ________ that is sacrificed when a choice is made is known as opportunity cost.
alternative.
After a certain point, adding more resources does not significantly increase output and may even decrease ________.
efficiency.
Increasing all resources leads to greater output than expected due to improved ________.
efficiency.
Physical products such as cars and food are referred to as ________ goods.
tangible.
Non-physical products such as services and digital products are known as ________ goods.
intangible.
Economic resources categorized as Land, Labor, Capital, and ________ are known as factors of production.
Entrepreneurship.
A graphical representation showing the maximum quantity of goods and services that can be produced with available ________ is called the PPC curve.
resources.
The branch of economics that studies individual economic ________ is microeconomics.
units.
The branch of economics that examines the economy as a ________ is macroeconomics.
whole.
The concept that consumers determine what gets produced through their purchasing ________ is known as consumer sovereignty.
choices.
A ________-based statement that can be tested or proven with evidence is called a positive statement.
fact.
An opinion-based statement that reflects values and cannot be tested is known as a ________ statement.
normative.
Government involvement in the economy to influence markets or achieve economic ________ is referred to as government intervention.
goals.
The concept that some goods have high economic value despite being less essential than other goods is known as the ________ of value.
paradox.
Assuming that what’s true for one part must be true for the ________ is called the fallacy of composition.
whole.
Blaming a complex event on just one cause when many factors are involved is known as the ________ of single causation.
fallacy.
The worth of a good or service based on people's willingness to pay for it is referred to as economic ________.
value.
An economic condition where prices remain relatively ________ over time is known as price stability.
stable.
An increase in the production of goods and services in an economy over time is referred to as economic ________.
growth
