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