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