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