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