Opportunity cost and resource scarcity

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Last updated 8:56 AM on 6/26/26
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7 Terms

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Opportunity cost
the loss of the next best alternative when a choice is made
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Scarcity
the fundamental economic problem that resources are finite/limited relative to society's infinite/unlimited wants and needs
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Factors of production
the resources used to produce goods and services, which are limited due to scarcity
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Economics
the study of scarcity and its implications for resource allocation in society
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Renewable resources
resources that can be used repeatedly and are naturally replenished, e.g. wind-generated electricity
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Non-renewable resources
resources that cannot be naturally replenished at a pace that keeps up with consumption, e.g. oil and coal
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Scarcity-price relationship
the scarcer a resource, the higher its price; the less scarce, the lower its price