1.1.3 The economic problem
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Last updated 3:32 PM on 3/31/26
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5 Terms
1
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What is the basic problem of economics?
Scarcity → People have infinite wants but finite resources
2
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What is opportunity cost?
The value of the next best alternative foregone
3
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What are renewable resources?
A resource that can be replenished as fast as it is consumed e.g. solar power
4
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What are non-renewable resources?
A resource that cannot be replenished at the same rate that it is consumed e.g. fossil fuels
5
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What are the 4 factors of production?
Capital → man-made resources that are used to produce goods or services
Enterprise
Land
Labour → human capital
