AS Economics: AQA: Key Terms- Basic Concepts basic concepts 1.5 / 5 based on 8 ratings ? EconomicsASAQA Created by: Paige LambertCreated on: 13-12-10 15:01 The Basic Economic Problem resources have to be allocated between competing uses because wants are infinite whilst resources are scarce 1 of 9 choice economic choices involve the alternative uses of scarce resources 2 of 9 Economic Goods goods which are scarce because their use has an opportunity cost 3 of 9 Free good goods which are unlimited in supply and which therefore have no opportunity cost 4 of 9 needs the minimum which is necessary fir a person to survive as a human being 5 of 9 opportunity cost the benefits foregone of the next best alternative 6 of 9 PPF a curve which shows the maximum potential level of output of one good given a level of output for all other goods in the economy 7 of 9 scarce resources resources which are limited in supply so that choices have to be made about their uses 8 of 9 wants desires for the consumption of goods and services 9 of 9
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