1.2 The basic economic problem

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12 Terms

1
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SCARCE RESOURCES

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

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UNLIMITED WANTS

The infinite desire for something.

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NEED

Something a consumer must have to survive

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WANT

Something a consumer would like to have, but is not essential for survival

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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

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SOCIAL SUSTAINABILITY

The impact of development or growth that promotes an improvement in the quality of life for all.

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ENVIRONMENTAL SUSTAINABILITY

The impact of development or growth where the effect on the environment is small and possible to manage.

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RENEWABLE RESOURCES

These are resources that can be replaced as long as they are not overused such as forests

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NON-RENEWABLE RESOURCES

These are resources that cannot be replaced once they are used such as coal or oil