E.1 What is economics? EXX
Use what you have learned to complete the text.
scarcity
needs and wants consequences
economy
Economics is about how people meet their
wants, people use
make up its
form
resources
behaviors or choices.
models
To meet their needs and
to make goods and services. But because of
people must choose how to use resources. Those choices have
now and in the future. The choices of the people in a place or region
. Economists study the economy. They look at data to
of the economy and try to predict the consequences of