Directions: Determine the “economics” jargon referred to by the following definitions. Make use of the clue provided for each item. Then, write a sentence that uses the jargon. Write your answer on the space provided. (2 points per item) 1. It is an empirical science; thus, it makes use of observed phenomena in the economic world to support the validity of explanations regarding economic relationships. (Clue: It starts with letter “E” and has 9 letters) Answer: ______________________ Sentence: _________________________________________________________________________ ____________________________________________________________________________________ 2. It is the process of creating a good or service that can be used to satisfy human wants. (Clue: It starts with letter “P” and has 10 letters) Answer: ______________________ Sentence: _________________________________________________________________________ ____________________________________________________________________________________ 3. It can be attained when planned income equals total spending or when planned inflows equal outflows. (Clue: It starts with letter “E” and has 11 letters) Answer: ______________________ Sentence: _________________________________________________________________________ ____________________________________________________________________________________​​