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