Microeconomics Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Question | Answer |
| Three Central Problems for economy to solve? | For whom to produce it What to produce How to produce it |
| What is Scarcity ? | The goods available are too few to satisfy individuals desires (having limited resources but wanting more) |
| What is the problem in a economy? | Scarcity |
| The difference between a Positive and Normative Statement? | Positive ~ is a fact; uses "is" in statements Normative ~ a opinion/judgment; uses "should in statements" |
| What is economics? | A social science; positive science, a distinction of what is and should be |
| What creates a change in quantity demanded ? | A change in price |
| Sunk cost meaning? | a cost already incurred and can't be recovered |
Created by:
user-1832322
Popular Economics sets