Name____________________
Per. _____
Vocabulary Ch. 1.1 - 1.3
Instructions: Define the term in the second column, draw a picture representing the concept in the third column.
Scarcity
Shortage
Entrepreneur
Factors of
Production
Capital
Trade Off
Opportunity Cost
Marginal Cost
Marginal Benefit
Production
Possibilities Curve
Production
Possibilities
Frontier
Underutilization