Economics Basics for Year 11

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Scarce resources

Back

Scarcity refers to the fundamental concept that resources are limited or finite, relative to wants.

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Unlimited wants

Back

Desires for goods and services that are not essential for survival, but enhance individuals' well-being or satisfaction.

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Economic problem

Back

How best to use limited resources to satisfy the unlimited wants of people.

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Opportunity cost

Back

The next best alternative given up when making a choice.

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Economic choice

Back

An option for the use of selected scarce resources.

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Economic sustainability

Back

The best use of resources in order to create responsible development or growth, now or into the future.

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Social sustainability

Back

The impact of development or growth that promotes an improvement in quality of life for all, now and into the future.

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Environmental sustainability

Back

The impact of development or growth where the effect on the environment is small and possible to manage, now and into the future.