1.1.1 - The Economic Problem

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11 Terms

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Finite resources
Resources with an end or limit
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Infinite wants
Without limits
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Needs
Basic requirements for human survival
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Wants
Peoples desires for goods and services
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Basic economic problem
Allocation of a nations resources between competing uses that represent infinite wants
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Scarce resources
Amount of resources available when supply is limited
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Opportunity cost
The cost of the next best alternative when making a choice
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Capital goods
Goods purchased by firms and used to produce other goods
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Consumer goods
Goods purchased by households
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PPC
Line that shows all the different combinations of two goods an economy can produce if all resources are fully and efficiently employed
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Economic growth
Increase in the level of output by a nation