1.2 The Basic Economic Problem Flashcards
SCARCE RESOURCES
when there is an insufficient amount of something to satisfy all wants
UNLIMITED WANTS
the infinite desire for something
NEED
something a consumer has to have to survive
WANT
something a consumer would like to have, but is not essential to survival
ECONOMIC PROBLEM
how to best use limited resources to satisfy all unlimited wants of people
OPPORTUNITY COST
the next best alternative given up when making a choice
ECONOMIC CHOICE
an option for the use of selected scarce resources.
ECONOMIC SUSTAINABILITY
the best use of resources in order to create responsible development or growth
SOCIAL SUSTAINABILITY
the impact of development or growth that promotes an improvement in the quality of life for all
ENVIRONMENTAL SUSTAINABILITY
the impact of development or growth where the effect of the environment is small and possible to manage.
RENEWABLE RESOURCES
these are resources that can be replaced as long as they are not over used such as forests.
NON RENEWABLE RESOURCES
these are resources that cannot be replaced once they are used such as coal or oil.