| Economics may appear to be the study of complicated | a | the production, distribution, and consumption of goods and services. | |
| Economics is the study of what constitutes rational human | b | allocating scarce resources between competing uses. | |
| Modern economics began in 1776, with the | c | limited resources as to best satisfy their wants, needs, and desires. | |
| Modern definition of economics interprets it as the social science, which analyzes | d | an economic profit from it by combining all other factors of production. | |
| Economics studies human behaviour and explains how individuals and groups make decisions with | e | the benefits of options of different goods and choosing the one with the highest benefit. | |
| Economics is called the study of scarcity because economic activity | f | scarce resources to satisfy their unlimited wants. | |
| The entrepreneur is an individual who takes an idea and attempts to make | g | publication of Adam Smith's Wealth of Nations. | |
| The main problem in economics is the question of | h | tables and charts, statistics and numbers. | |
| Most of economics is based on the simple idea that people make choices by comparing | i | behaviour in the endeavour to fulfil needs and wants. | |
| Economics is the study of how people choose to allocate | j | would not exist if scarcity did not force people to make choices. |






