1.2 The basic economic problem
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8 Terms
Scarce resources
When there is an insufficient amount of something to satisfy all wants
Unlimited Wants
The infinite desire for something
Economic problem
How to best use limited resources to satisfy the unlimited wants of people.
Opportunity Cost
The next best alternative given up when making a choice
Economic Choice
An option for the use of selected scarce resources
Economic Sustainability
The best use of resources in order to create responsible development or growth, now and into the future.
Social Sustainability
The impact of development or growth that promotes an improvement in quality of life for all, now and into the future
Environmental Sustainability
The impact of development or growth where the effect on the environment is small and possible to manage, now and into the future.
Note 
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