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