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