1. The nature of the basic economic problem

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Last updated 7:12 PM on 6/2/26
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5 Terms

1
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Basic economic problem

How best to allocate scarce resources to satisfy unlimited needs and wants.

2
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Needs

Goods and services essential for survival.

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Wants

Goods and services that are desired but not essential for survival.

4
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Economic goods

Goods that are limited in supply.

5
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Free goods

Goods that are unlimited in supply and have zero opportunity cost.