1.2 Basic Economic Problem OCR GCSE

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10 Terms

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Scarce Resources

Insufficient amount of factors of production

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Unlimited Wants

There is an infinite desire for products

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Want

Represents the desire by a consumer for products which are not necessary for survival

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Need

something that is necessary for survival

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Economic Problem

How to best allocate limited resources to satisfy the unlimited wants.

What, How, and for Whom to produce

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Opportunity Cost

The next best alternative foregone when making an economic decision

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Economic Choice

An option for the use of selected scarce resources

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Economic Sustainability

Best use of scarce resources in order to create growth/development now and into the future

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Social Sustainability

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

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Environmental Sustainability

Impact of growth/development where the effect on the environment is small and manageable now and into the future