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