1 Economic Problem Flashcards
1
Q
Define Basic economic Problem
A
Unlimited wants but limited resources to make the goods and services that fulfil the wants.
2
Q
Define scarce resources
A
Amount of resources available when supply is limited
3
Q
Define opportunity cost
A
cost of next best alternative given up when making a chouce
4
Q
Define Expendentiure
A
Spending by government
5
Q
Define PPC
A
combinations of goods and services that can be produced by an economy in a given time period with its limited resources.
