1. Allocation 2. Economics 3. Economy 4. Efficiency 5. Macroeconomics 6. Microeconomics 7. Normative economics 8. Positive 9.Resources 10. Scarcity
A. Social science that studies the allocation of resour- ces to the production of goods and services used to satisfy consumer's unlimited wants and needs.As a social science economics studies the social relation- ship of individuals.But unlike other social sciences, economics concentrates its study on the economy.
B. The process of distributing resources for the pro- duction of goods and services, and for distributing goods and services for consumer goods.
C. The process of distributing resources for the production of goods and services, and for dis tributing goods and services for consumer goods.
D. A system of production distribution and consumption of goods and services. E. The branch of economics that studies the entire economy. Macroeconomics examines such topics as the total amount of output in economy, the rate of inflation and the number of unemployed workers. roeconomics
F. A branch of economics that states the way the economy should operate. A normative statement is based on values and cannot be proved right or wrong G. The branch of economics that studies parts of the economy. Microeconomics examines the individual consumers, business, and industries that make up the economy
H. A branch of economics that tries to explain the way the economy actuaily operates. Positive economics is coacerned with the process of testing hypotheses. A positive statement can be refuted by looking at the real world The condition that exist when there is an insu fficient quantity of resources to produce ai! of the goods and services desired by people
J. The materials available to an economy for the production of goods and services