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