1.1.1 - The Economic Problem
0.0(0)
Studied by 2 people
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/10
There's no tags or description
Looks like no tags are added yet.
Last updated 4:06 PM on 5/13/23
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
11 Terms
1
New cards
Finite resources
Resources with an end or limit
2
New cards
Infinite wants
Without limits
3
New cards
Needs
Basic requirements for human survival
4
New cards
Wants
Peoples desires for goods and services
5
New cards
Basic economic problem
Allocation of a nations resources between competing uses that represent infinite wants
6
New cards
Scarce resources
Amount of resources available when supply is limited
7
New cards
Opportunity cost
The cost of the next best alternative when making a choice
8
New cards
Capital goods
Goods purchased by firms and used to produce other goods
9
New cards
Consumer goods
Goods purchased by households
10
New cards
PPC
Line that shows all the different combinations of two goods an economy can produce if all resources are fully and efficiently employed
11
New cards
Economic growth
Increase in the level of output by a nation
