1) Basic Economic Problem

Question 0

What does opportunity cost mean

Answer 0

Value of next best alternative forgone

Question 1

What are the factors of production

Answer 1

⚫️labour
➡️workers

⚫️land
➡️natural resources

⚫️capital
➡️machines
➡️tools

⚫️entrepreneurship
➡️setting up new businesses

Question 2

What are economic goods

Answer 2

➡️scarce resources
➡️have opportunity costs
➡️coal and oil

Question 3

Free goods

Answer 3

➡️not scarce resources
➡️no opportunity cost
➡️air

Question 4

What does sustainable resources mean

Answer 4

➡️can be exploited over and over again
➡️because cam renew them selves
➡️forest and fish stocks

Question 5

What are non sustainable resources

Answer 5

➡️cannot be replaced when used

➡️coal and oil

Question 6

What is the basic economic problem

Answer 6

⚫infinite wants, but limited resources