1.2 - THE BASIC ECONOMIC PROBLEM (copy)

OCR

What is the definition of "scarce resources"?

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

What is the definition of "unlimited wants"?

The infinite desire for something

What is a need?

Something a consumer has to have to survive

What is a want?

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

What is the economic problem?

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

What is opportunity cost?

The next best alternative forgone when making a decision

What is the definition of "Economic choice"?

An option for the use of selected scarce resources

What is economic sustainability?

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

What is social sustainability?

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

What is 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.