a) scarcity
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5 Terms
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define the basic economic problem
there are infinite human wants and needs and a finite number of resources to satisfy this, so resources are scarce
2
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define scarce resources
resources that are in an insufficient supply for their demand
3
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state how scarcity affects prices
the more scarce the resources for the product, the higher the price for the product
4
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define renewable resources
resources that are replenished at the same or a faster rate than they are consumed
5
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define non-renewable resources
resources that are consumed at a faster rate than they are replenished
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