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