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1. Complete the sentences with the words from the box below:

limited resources, scarcity, wealth, society, to distribute, mean, the concept.

                  1. Economics is a theory of how ... works.

                  1. We have ... ... in rich and poor countries.

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                  1. The guiding idea in economics is ... .

                  1. One of the primary concerns of economics is to increase the ... of a society.

                  1. Once we have produced goods and services we have to decide how ... ... them.

                  1. By wealth the economist ... all the real physical assets.

                  1. ... ... of welfare is concerned with the whole state of well-being.