Unit 1.1 - The Basic Economic Problem

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13 Terms

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Entrepreneurship
________ is the combination of these resources to package them in a manner that is valuable to consumers.
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Finite resources
________ and unlimited wants, choice and trade- offs of producers and government, economic goods, free goods.
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Scarcity
________: limitation of productive resources e.g.
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Opportunity cost
________: (form of a trade- off)
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human capital
Use of the ________ of the seller to satisfy a specific want or need of the consumer.
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monetary value
Has a(n) ________ or price in the market.
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economic problem
The ________ is unlimited wants and scarcity which is the limited number of resources such as land, labour, capital and entrepreneurship.
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economic good
A(n) ________ is a good or service that has a benefit (utility) to society.
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Monetary value
________ is the cost or price of something.
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Needs
items necessary for survival such as food, water, shelter & clothing/ basic needs of life
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Wants
items not necessary for survival such as electronics, transport, clothes
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Scarcity
limitation of productive resources e.g
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Opportunity cost
(form of a trade-off)