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Relative Scarcity

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Terms in this set (229)

Relative Scarcity

When a nation's wants and needs are virtually infinite but there are not enough resources to satisfy these wants and needs.

Living Standards

How well off a nation is overall. Affected by material and non material aspects.

Material Living Standards

The economic wellbeing of individuals. The overall quantity of tangible goods and services available for consumption.

Non Material Living Standards

These refer to quality of life and could be affected by health, crime, life expectancy etc.

Examines how limited resources are used to produce goods and services to satisfy needs and wants and improve living standards.

A branch of economics that examines individual decision making by firms and households and how this impacts on particular markets for goods and services.

A branch of economics that examines the workings and problems of the economy as a whole.

Productive inputs which include labour, natural and physical capital used by businesses.

Natural resources

The gifts of nature eg minerals, land, water

Labour resources

Physical power and mental talents provided by employees used in the production process.

Capital resources

Physical plant and equipment used by firms to help make other goods and services.

Opportunity cost

Equal to the benefit forgone by a decision not to direct resources into the next best alternative.

Resource allocation

Involves making decisions about how scarce natural resources and inputs are to be used or distributed.

Production possibility frontier

Illustrates the physical limits to a nation's production levels due to the quantity and efficiency of productive resources available to that country.

Economy/economic system

A way of organising the production and distribution of a nations goods and services and incomes