Scarce resource - When there is insufficient amount of something to satisfy all wants. , Unlimited wants - The infinite desire for something., Opportunity cost - The next best alternative given up when making a choice. , Need - Something a consumer has to have to survive., Economic problem - How to best use limited resources to satisfy the unlimited wants of people. , Economic choice - An option for the use of selected scarce resources., Production Market - Market in which final goods and services are offered to consumers, business and the public sector., Free Good  - a resource, such as sunlight or air, which is so abundant that its availability is not a constraint on economic activity., Want - Something a consumer would like to have, but which is not essential for survival. , Capital  - The factor of production that relates to human-made aids to production., Factor Market  - Market in which the services of the factors of production are brought and sold, Economic sustainability - The best use of resources in order to create responsible development of growth, now and into the future. , Social sustainability - The impact of development or growth that promotes an improvement in quality of life for all, now and into the future. , Environmental sustainability - The impact of development or growth where the effects on the environment is small and possible to manage now, and into the future. ,

The Basic Economic Problem 2 - GCSE/OCR

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