1.2 The basic economic problem

Question 1

Scare resources

Answer 1

Insufficient amount of something to satisfy all wants

Question 2

Unlimited wants

Answer 2

The infinite desire for goods and services consumers would like to have

Question 3

Economic problem

Answer 3

How to best allocate scarce resources in order to satisfy unlimited wants of people

Question 4

Opportunity cost

Answer 4

The cost of the next best alternative given up when making choices

Question 5

Economic choices

Answer 5

An option for the use of scarce resources

Question 6

Economic sustainability

Answer 6

The best use of scarce resources to promote development or growth now and in the future

Question 7

social sustainability

Answer 7

The impact of development that promotes an increase in the quality of life, now and in the future

Question 8

Environmental sustainability

Answer 8

When the impact of growth or development on the environment is small and manageable now and in the future

Question 9

Three basic questions for economic

Answer 9

What do produce?
How to produce?
For whom to produce?