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