1.2

Question 1

Scarce resources

Answer 1

when there is an insufficient amount of something to satisfy all wants

Question 2

Unlimited wants

Answer 2

the infinite desire of something

Question 3

Need

Answer 3

something a consumer has to have to survive

Question 4

Wants

Answer 4

something a consumer would like to have but is not essential for survival

Question 5

Economic problem

Answer 5

how to best use limited resources to satisfy the unlimited wants of people

Question 6

Opportunity cost

Answer 6

the next best alternative given up when making a choice

Question 7

Economic Choice

Answer 7

an option for the best use of selected scarce resources

Question 8

Economic Sustainability

Answer 8

the best use of resources in order to create responsible development or growth

Question 9

Social sustainability

Answer 9

the impact of development or growth that promotes an improvement for all

Question 10

Environmental sustainability

Answer 10

The impact of development or growth where the effect on the environment is small and possible to manage.