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