Resource Allocation (Grade 10 NSC Matric Economics): Flashcards

Not enough resources to produce everything people want

Max production of 2 products using all resources efficiently

Efficient production - all resources used effectively

Inefficient production - wasted or unemployed resources

Impossible with current resources and technology

Producing more of one good means producing less of another

Capacity used, All employed, Fixed resources, Economy 2 products

More resources, better resources, or improved technology

Resources aren't equally good at producing different things

Movement: change mix; Shift: change total capacity