1.2 The Basic Economic Problem Flashcards

1
Q

SCARCE RESOURCES

A

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

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2
Q

UNLIMITED WANTS

A

the infinite desire for something

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3
Q

NEED

A

something a consumer has to have to survive

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4
Q

WANT

A

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

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5
Q

ECONOMIC PROBLEM

A

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

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6
Q

OPPORTUNITY COST

A

the next best alternative given up when making a choice

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7
Q

ECONOMIC CHOICE

A

an option for the use of selected scarce resources.

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8
Q

ECONOMIC SUSTAINABILITY

A

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

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9
Q

SOCIAL SUSTAINABILITY

A

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

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10
Q

ENVIRONMENTAL SUSTAINABILITY

A

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

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11
Q

RENEWABLE RESOURCES

A

these are resources that can be replaced as long as they are not over used such as forests.

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12
Q

NON RENEWABLE RESOURCES

A

these are resources that cannot be replaced once they are used such as coal or oil.

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