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