making decisions

?
scarcity
resources are limited compared with our 'needs' and 'wants'
1 of 6
choice
deciding between different options because our resources are limited
2 of 6
basic economic problem
resources are limited but 'needs' and 'wants' are infinate
3 of 6
resources
the land, labour, capital and enterprise used to produce goods and services
4 of 6
opportunity cost
something given up when we make a choice
5 of 6
benefits
the advantages of a particular choice
6 of 6

Other cards in this set

Card 2

Front

deciding between different options because our resources are limited

Back

choice

Card 3

Front

resources are limited but 'needs' and 'wants' are infinate

Back

Preview of the back of card 3

Card 4

Front

the land, labour, capital and enterprise used to produce goods and services

Back

Preview of the back of card 4

Card 5

Front

something given up when we make a choice

Back

Preview of the back of card 5
View more cards

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