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economics paper. 1 definitions
1.2 - the basic economic problem
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Cards (10)
scarce resources
when there is an
insufficient amount
of something to
satisfy
all
wants
unlimited wants
the
infinite desire
for something
need
something a
consumer
has to have to
survive
e.g.
water
/
food
want
something a
consumer
would
like
to
have
, but which is
not essential
for
survival
economic problem
how to best use
limited resources
to
satisfy
the
unlimited wants
of
people
opportunity cost
the
next best alternative given up
when
making
a
choice
economic choice
an option for the use of selected scarce resources
economic sustainability
the
best
use of
resources
in order to create
responsible development
or
growth
, now and into the
future
social sustainability
the
impact
of
development
or
growth
that
promotes
an
improvement
in
quality
of
life
for
all
,
now
and
into
the
future
environmental sustainability
the
impact
of
development
or
growth
where the
effect
on the
environment
is
small
and
possible
to
manage
,
now
and
into
the
future
