Relacionar Columnas Econ Chapter 1 ReviewVersión en línea A reivew por Adam Hayes 1 Actions or activities that one person performs for another. 2 The key economic problem; unlimited wants and needs, limited goods and services. 3 Any item that we desire, but is not necessary for survival. 4 Any point inside the line of a possibilities production curve. 5 Items within an economy like tools / buildings. 6 Items that one needs for survival like food and water. 7 When an economy shows up on the line of a Production Possibilities Curve. 8 The phrase that describes how a nation must choose between military and domestic goods. 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 most desirable alternative we give up when making any choice. 12 As we shift from 1 good to another, the cost of the 2nd good increases. 13 Physical items within an economy (i.e. desk, building, etc.) 14 The effort that goes into any good or service. 15 All of the possible alternatives to any given choice. 16 A study of people and the choices they make to satisfy their wants / needs. 17 All of the natural resources provided by Earth. 18 An individual who finds a new way to combine the factors of production to make a new good / service. Services Land Scarcity Labor Efficiency Human Capital Want Needs Thinking at the Margin Law of Increasing Costs Entrepreneur Opportunity cost Physical Capital Economics Guns or Butter Underutilization Goods Trade Offs
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