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