The economic problem

• free goods


  goods that are unlimited in supply and which therefore have no opportunity cost
• human capitals


  the value of the productive potential of an individual or grp or workers. Represents the value of future earning and production
• labour


  a factor of production, that is the workforce
• Land


  a factor of production, that is all natural resources
• Needs


  the minimum that is necessary for a person to survive as a human being
• Non-renewable resources


  like coal or oil, which one can exploit but cannot replace
• Non-sustainable resources


  resources which can be economically exploited in a way, that its stock is reduced over time
• opportunity cost


  The benefits forgone of the next best alternative
• Renewable resources 


  Resources like fish stocks or forests, can be exploited over and over again because they have the potential to renew themselves.
• Scarce resources

  resources that are limited in supply so choices have to be made about their use
• Sustainable resources 


  Renewable resources that is being economically exploited in a way , that it wouldn't diminish or run out
• Wants

  desires for consumption of goods and services
• working or circulating capital

  Capital in a production system waiting to be transformed into goods before being sold to consumers is known as working or circulating capital.
• basic economic problem

  
• Capital

  
• choices

  
• Economic goods

  
• entrepreneurs

  
• enterprise or entrepreneurship

  
• factors of production

  
• fixed production