a) scarcity

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5 Terms

1
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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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