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