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