The basic economic problem

What is the basic economic problem?

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

What is unlimited wants

The infinite desire for something

What is Scarce resources?

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

What is an opportunity cost?

The value of the next best alternative forgone when a choice is made.

What is the 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.