Scarity, Choice And The Allocation Of Resouces Flashcards
1
Q
Define renewable resources
A
resources that will replenish after use (they will not run out)
2
Q
Define non renewable resources
A
resources that will not replenish after use (they will run out)
3
Q
Define the economic problem or the problem of scarcity
A
the idea that human wants are infinite but resources we have are finite (limited/scarce).
4
Q
Define opportunity cost
A
the benefit given up of the next best alternative (what you give up when making a choice)
5
Q
define scarce resources
A
limited, finite resources
