the basic economic problem (1.2)

Question 1

what is scarce resources

Answer 1

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

Question 2

what are unlimited wants

Answer 2

the unlimited desire for something

Question 3

what is a need

Answer 3

something a consumer has to have to survive

Question 4

what is a want

Answer 4

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

Question 5

what is the economic problem

Answer 5

how to best use the limited resources to satisfy peoples unlimited wants

Question 6

what is opportunity costs

Answer 6

the next best alternative given up when making a choice

Question 7

what is an economic choice

Answer 7

an option for the use of selected scarce resources

Question 8

what is economic sustainability

Answer 8

the bets use of resources in order to create responsible development or growth, now and into the future

Question 9

what is social sustainability

Answer 9

the impact of development or growth that promotes an improvement in quality of life now and into the future

Question 10

what is environmental sustainability

Answer 10

the impact of development or growth where the effect on the environment is small and possible to mange now and into the future.