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