Economic Definitions


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Basic economic problem
Resources have to be allocated between competing uses because wants are infinite whilst resources are scarce.
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Choice
Economic choice involves the alternative uses of scarce resources
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Economic goods
Good which are scarce because their use has an opportunity cost.
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Free goods
Goods which are unlimited in supply and therefore have no opportunity cost.
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Needs
The minimum which is necessary for a person to survive as a human being.
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Other cards in this set

Card 2

Front

Economic choice involves the alternative uses of scarce resources

Back

Choice

Card 3

Front

Good which are scarce because their use has an opportunity cost.

Back

Preview of the back of card 3

Card 4

Front

Goods which are unlimited in supply and therefore have no opportunity cost.

Back

Preview of the back of card 4

Card 5

Front

The minimum which is necessary for a person to survive as a human being.

Back

Preview of the back of card 5

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