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