Basic definitions

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Scarcity
A situation that exists where there are in sufficient resources to meet all wants
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Economic problem
How to allocate scare resources amongst alternative uses
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Factor of production
The resource inputs that are available in an economy for production of goods and services
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Opportunity cost
The cost of the (next) best alternative, which is foregone when a choice is made.
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Market
Where or when buyers and sellers meet to trade or exchange products
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Specialisation
The concentration by a worker or workers, firm, region or whole economy on a narrow range of goods and services.
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Card 2

Front

How to allocate scare resources amongst alternative uses

Back

Economic problem

Card 3

Front

The resource inputs that are available in an economy for production of goods and services

Back

Preview of the back of card 3

Card 4

Front

The cost of the (next) best alternative, which is foregone when a choice is made.

Back

Preview of the back of card 4

Card 5

Front

Where or when buyers and sellers meet to trade or exchange products

Back

Preview of the back of card 5
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