1.2 economic problem Flashcards
1
Q
what are scarce resources
A
when there are fewer resources to make goods and services than there are desired
2
Q
what are unlimited wants
A
the desire for everything a consumer would like whether they have the resources to purchase it or not
3
Q
what is mean by opportunity cost
A
the best option foregone when making a decision
4
Q
what is the basic economic problem
A
how best to use scarce resources
5
Q
what 3 questions to producers ask
A
- what should be produced
- how it should be produced
- whom it should be produced for
6
Q
what is economic sustainablility
A
ensures the most responsible use of scarce resources
7
Q
what is social sustainability
A
considers how economic activity affects quality of life and well being
8
Q
what is environmental sustainability
A
considers how economic activity impacts the environment now and in the future
