IGCSE 1.1. The basic economic problem

Front

Wants

Back

desires for goods and services

Front

Resources

Back

factors used to produce goods and services

Front

The economic problem

Back

unlimited wants exceeding finite resources

Front

Scarcity

Back

a situation where there is not enough to satisfy everyone's wants

Front

Economic good

Back

a product which requires resources to produce it and therefore has an opportunity cost

Front

Free good

Back

a product which does not require any resources to make it and so does not have an opportunity cost

Front

Capital/Capital goods

Back

human-made goods used in production

Front

Consumer goods

Back

goods and services purchased by households for their own satisfaction

Front

Entrepreneur

Back

a person who bears the risks and makes the key decisions in a business

Front

Occupationally mobile

Back

capable of changing use