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