Unit 1.1

Front

Basic needs

Back

what is needed for survival, such as food, shelter, water, and clothing

Front

Economic goods

Back

goods which are scarce relative to the demand for them

Front

Free goods

Back

resources that are supplied at zero cost because there are more than enough available to satisfy the demand for them

Front

Finite resource

Back

non-renewable resources that will eventually run out

Front

Renewable goods

Back

resources that can be replaced as they are used to produce goods and service

Front

Scarcity

Back

a lack of goods and services available to satisfy unlimited wants

Front

The economic problem

Back

how can scarce economic resources be most effectively used to satisfy people's unlimited needs and wants

Front

Wants

Back

goods or services not necessary for survival

Front

Unlimited wants

Back

there is always something else that people would like and so people are never satisfied