Scarce Resources
When there is an insufficient amount of something to satisfy all wants
Unlimited Wants
The infinite desire for something
Need
Something a consumer must have to survive
Want
Something a consumer would like to have, but is not essential for survival
Economic Problem
How to best use limited resources to satisfy the unlimited wants of people
Opportunity Cost
The next best alternative given up when making a choice
Economic Choice
An option for the use of selected scarce resources
Economic Sustainability
The best use of resources in order to create responsible development or growth
Social Sustainability
The impact of development or growth that promotes an improvement in the quality of life for all
Environmental Sustainability
The impact of development or growth where the effect on the environment is small and possible to manage
Renewable Resources
These are resources that can be replaced as long as they are not overused such as forests
Non-Renewable Resources
These are resources that cannot be replaced once they are used such as coal or oil
