Unit 1.1 - The Basic Economic Problem

Entrepreneurship

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

Finite resources

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

Scarcity

________: limitation of productive resources e.g.

Opportunity cost

________: (form of a trade- off)

human capital

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

monetary value

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

economic problem

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

economic good

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

Monetary value

________ is the cost or price of something.

Needs

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

Wants

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

Scarcity

limitation of productive resources e.g

Opportunity cost

(form of a trade-off)