Scarcity:-a situation that arises when people have unlimited wants and there are limited resources.
Opportunity Cost:-in decision making, the value of the next best alternative that could be chosen.
Market Economy:-an economy where market forces are allowed to guide the allocation of resources.
Centrally Planned Economy:-an economy which makes decisions on resource allocation that are guided by the state.
Mixed Economy:-an economy in which resources are allocated partly through price signals and partly on the basis of intervention by the state.
Factors of Production:-resources used in the production process; inputs into production in particular including labour, capital and land.
Sustainable development:- "development which meets the needs…