The basic economic problem

Question 1

Scarce resource

Answer 1

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

Question 2

Unlimited wants

Answer 2

The infinite desire for something

Question 3

Needs

Answer 3

Something essential to survival. E.g. food and water

Question 4

Wants

Answer 4

Something you would like to have, but not essential to survive. E.g. cars and phones

Question 5

Economic problem

Answer 5

How to best use limited resources to satisfy the unlimited wants of people

Question 6

Opportunity cost

Answer 6

The next best alternative given up when making a decision

Question 7

Economic choice

Answer 7

An option for the use of selected scarce resources

Question 8

Economic sustainability

Answer 8

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

Question 9

Social sustainability

Answer 9

The impact of development or growth that promotes an improvement in quality of life for all, now and into the future.

Question 10

Environmental sustainability

Answer 10

The impact of development or growth where the effect on the environment is small and possible to manage, now and into the future

Question 11

Resource

Answer 11

Something used to produce output