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