a) Scarcity
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Last updated 9:44 PM on 12/10/25
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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 them
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 the scarcity of a resource required for a good or service affects the price of the good or service
the more scarce the resource → the higher the price of the good or service
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
Flashcards (45)