The National and Global Economy 3.0 / 5 based on 2 ratings ? EconomicsGCSEEdexcel Created by: MarcusCreated on: 25-04-13 11:48 Shortage or limitation of resources Scarcity 1 of 11 Options for consumers Choice 2 of 11 Giving up the chance of buying one thing to buy another Opportunity cost 3 of 11 Advantages Benefits 4 of 11 Disadvantages Cost 5 of 11 Different stages in a persons life untill death Life cycle 6 of 11 Necessary Needs 7 of 11 Unnecessary Wants 8 of 11 Encourages new inventions but can cause poor quality products Competition 9 of 11 Before taxis deducted Gross 10 of 11 After tax is deducted Net 11 of 11
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