1.1.3 The Basic Economic Problem Flashcards
1
Q
Scarcity
A
A situation that arises when people have unlimited wants and limited resources.
2
Q
Opportunity cost
A
It is the benefit lost for the next best alternative forgone.
3
Q
Renewable resource
A
An endless supply of resources
4
Q
Non-renewable resource
A
Resources which once used cannot be replaced.
5
Q
Sustainable resource
A
A resource that is used up at the same speed that it is renewed.
