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