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304697
Scarcity, Choice and the Allocation of Resources
Descripción
A Levels (Unit 1, 1 The Economic problem) Economics Mapa Mental sobre Scarcity, Choice and the Allocation of Resources, creado por beth2384 el 26/10/2013.
Sin etiquetas
economics
unit 1
1 the economic problem
economics
unit 1, 1 the economic problem
a levels
Mapa Mental por
beth2384
, actualizado hace más de 1 año
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Creado por
beth2384
hace alrededor de 11 años
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Resumen del Recurso
Scarcity, Choice and the Allocation of Resources
The world's resources are FINITE (limited)- i.e. there is a limited amount of land, water, oil on the planet
Therefore, resources are SCARCE (insufficient supply to meet demand)
Meaning economic agents (individuals, firms, governments) can only obtain limited amounts of resources at any time
Scarce resources are called ECONOMIC GOODS
Not all resources are scarce
Resources which are NOT SCARCE are called FREE GOODS
Examples: air
Population pressures diminish the amount of free goods
The basic economic problem
INFINITE WANTS
People have limited NEEDS which must be satisfied in order to survive
People have unlimited WANTS because we always want more of something to improve living standards
SCARCITY
Resources are scarce but wants are infinite.
This forces economic agents to make CHOICES and have to allocate scarce resources between competing uses
When a decision is made that affects the ALLOCATION OF RESOURCES, CHOICES are influenced by INCENTIVES (e.g. bribery)
OPPORTUNITY COST
CHOICES can be grade in terms of benefits gained from each alternative
One choice will be the 'best' so a rational economic agent will take that alternative
The benefit lost from the NEXT BEST ALTERNATIVE=OPPORTUNITY COST
Free goods have no opportunity cost
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