Relier Pairs Econ Chapter 1 ReviewVersion en ligne A reivew par Adam Hayes 1 The key economic problem; unlimited wants and needs, limited goods and services. 2 When you do not make an all or nothing decision, but in increments of just one more (or less). 3 Actions or activities that one person performs for another. 4 The effort that goes into any good or service. 5 The phrase that describes how a nation must choose between military and domestic goods. 6 Items within an economy like tools / buildings. 7 All of the natural resources provided by Earth. 8 Any point inside the line of a possibilities production curve. 9 An individual who finds a new way to combine the factors of production to make a new good / service. 10 As we shift from 1 good to another, the cost of the 2nd good increases. 11 When an economy shows up on the line of a Production Possibilities Curve. 12 Any item that we desire, but is not necessary for survival. 13 Physical items within an economy (i.e. desk, building, etc.) 14 The knowledge and skills possessed by a person through education / experience. 15 A study of people and the choices they make to satisfy their wants / needs. 16 All of the possible alternatives to any given choice. 17 Items that one needs for survival like food and water. 18 The most desirable alternative we give up when making any choice. Economics Human Capital Physical Capital Law of Increasing Costs Want Entrepreneur Land Underutilization Goods Opportunity cost Thinking at the Margin Trade Offs Services Labor Needs Guns or Butter Efficiency Scarcity
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