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