Economic Definitions 0.0 / 5 ? AccountingDefinitionsASOCR Created by: Laura WijsmullerCreated on: 23-03-14 12:18 Basic economic problem Resources have to be allocated between competing uses because wants are infinite whilst resources are scarce. 1 of 5 Choice Economic choice involves the alternative uses of scarce resources 2 of 5 Economic goods Good which are scarce because their use has an opportunity cost. 3 of 5 Free goods Goods which are unlimited in supply and therefore have no opportunity cost. 4 of 5 Needs The minimum which is necessary for a person to survive as a human being. 5 of 5
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