a) Scarcity
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5 Terms
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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
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What are scarce resources?
Resources that are in an insufficient supply for their demand
3
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How does scarcity affect prices?
The more scarce = the higher the price
4
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What are renewable resources?
Resources that are replenished at the same or a faster rate than they are consumed
5
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What are non-renewable resources?
Resources that are consumed at a faster rate than they are replenished
Flashcards (36)