IGCSE Economics - The Basic Economic Problem
Terms in this set (25)
Not enough of something
The value of the next best alternative that must be forgone as a result of a decision
Production Possibility Curve
a curve that shows alternative ways to use an economy resources
Basic Economic Problem
Unlimited wants and needs, but limited resources.
Buildings, machines, technology, and tools needed to produce goods and services.
physical products purchased by consumers for personal use
basic requirement for survival, including food, water, and shelter
an item that we desire but that is not essential to survival
Factors of Production
resources of land, labor, capital, and entrepreneurship used to produce goods and services
Natural resources that are used to make goods and services
The physical and mental human effort used in the production process
any human-made resource that is used to produce other goods and services
The combination of land, labour and capital within a business organisation
The making of goods and services
The using up of goods and services
Goods that are unlimited in supply and which therefore have no opportunity cost
A fee charged for the use of property or land
An amount of money paid to an employee at a specified rate per hour worked
A sum paid or charged for the use of money or for borrowing money
The financial gain made in a transaction
The inability of workers to move from one job in a particular area to a job in another area.
The inability of workers to move from one job to another in a different industry.
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