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