Scarcity

?
  • Created by: Laurenkj
  • Created 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

Other cards in this set

Card 2

Front

What is scarcity

Back

When there is not enough of something to satisfy everyone’s AT A ZERO PRICE

Card 3

Front

What is a need

Back

Preview of the front of card 3

Card 4

Front

What is a want

Back

Preview of the front of card 4

Card 5

Front

What is the opportunity cost

Back

Preview of the front of card 5

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Microeconomics resources »