Scarcity 0.0 / 5 ? EconomicsMicroeconomics GCSEOCR Created by: LaurenkjCreated on: 18-11-18 12:56 Productivity definition Output per worker per period of time 1 of 5 What is scarcity When there is not enough of something to satisfy everyone’s AT A ZERO PRICE 2 of 5 What is a need Something a consumer hasn’t to have to survive, e.g water or clothes 3 of 5 What is a want Something a consumer would like to have, but which is not essential, e.g branded items 4 of 5 What is the opportunity cost The next best alternative given uo when making a choice 5 of 5
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