Unit 1.1 - The Basic Economic Problem

studied byStudied by 4 people
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 12

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

13 Terms

1

Entrepreneurship

________ is the combination of these resources to package them in a manner that is valuable to consumers.

New cards
2

Finite resources

________ and unlimited wants, choice and trade- offs of producers and government, economic goods, free goods.

New cards
3

Scarcity

________: limitation of productive resources e.g.

New cards
4

Opportunity cost

________: (form of a trade- off)

New cards
5

human capital

Use of the ________ of the seller to satisfy a specific want or need of the consumer.

New cards
6

monetary value

Has a(n) ________ or price in the market.

New cards
7

economic problem

The ________ is unlimited wants and scarcity which is the limited number of resources such as land, labour, capital and entrepreneurship.

New cards
8

economic good

A(n) ________ is a good or service that has a benefit (utility) to society.

New cards
9

Monetary value

________ is the cost or price of something.

New cards
10

Needs

items necessary for survival such as food, water, shelter & clothing/ basic needs of life

New cards
11

Wants

items not necessary for survival such as electronics, transport, clothes

New cards
12

Scarcity

limitation of productive resources e.g

New cards
13

Opportunity cost

(form of a trade-off)

New cards
robot