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