Scarcity of Economic Resources (Junior Cert Business Studies): Flashcards
📚Flashcards
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12 cards from this deck
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Practise the cards
12 cards from this deck
What is scarcity?
What is scarcity?
Unlimited wants/needs vs limited resources
Basic economic problem
Basic economic problem
Endless wants vs finite resources to satisfy them
Who faces basic economic problem
Who faces basic economic problem
Everyone: individuals, businesses, governments
Opportunity cost definition
Opportunity cost definition
Benefit/value given up to acquire something else
What opportunity cost represents
What opportunity cost represents
What you miss out on when you make a choice
Financial cost definition
Financial cost definition
Actual money paid for an item or service
Financial cost vs opportunity cost
Financial cost vs opportunity cost
Money paid vs benefit given up
Who does the basic economic problem affect?
Who does the basic economic problem affect?
Universal - affects rich, poor, all countries
What scarcity forces
What scarcity forces
Making choices and prioritising
Positive consequences of choices
Positive consequences of choices
Benefits gained: satisfaction, achieving goals
Negative consequences of choices
Negative consequences of choices
Lost opportunities from rejected alternatives
Strategy to manage scarcity
Strategy to manage scarcity
Prioritise needs vs wants