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