a) Scarcity

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6 Terms

1
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What is 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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What are factors of production?

The scarce resources consumed by humans

3
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What are scarce resources?

Resources in an insufficient supply for its demand

4
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How does scarcity affect prices?

The more scarce = the higher the price

5
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What are renewable resources?

Resources that are replenished at the same rate or faster than they are consumed

6
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What are non-renewable resources?

Resources that are consumed faster than they are replenished