1.2 The basic economic problem

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8 Terms

1
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Scarce resources

When there is an insufficient amount of something to satisfy all wants

2
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Unlimited Wants

The infinite desire for something

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Economic problem

How to best use limited resources to satisfy the unlimited wants of people.

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Opportunity Cost

The next best alternative given up when making a choice

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Economic Choice

An option for the use of selected scarce resources

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Economic Sustainability

The best use of resources in order to create responsible development or growth, now and into the future.

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Social Sustainability

The impact of development or growth that promotes an improvement in quality of life for all, now and into the future

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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.