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econ a level > Scarcity, choice and the allocation of resources > Flashcards

Scarcity, choice and the allocation of resources Flashcards

1
Q

Economic problem?

A

About scarcity and choice
i.e economics is about coming up with ways to meet infinite wants when faced with finite resources

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2
Q

Scarcity

A

Due to scarcity all consumers, businesses and government must make choices.

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3
Q

Opportunity cost

A

Cost of the alternative that is given up

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4
Q

Examples of opportunity cost

A

Work-leisure choices
Gov spending priorities

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econ a level (10 decks)

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