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1.2 - Coggle Diagram
1.2
What is environmental sustainability?
Considers how economic activity impacts the environment now and in to the future.
Focuses on the impact on renewable and non-renewable resources, pollution creation and climate change, and the availability of future resources.
It is important for all countries and their governments to consider the impact on the environment
What are unlimited wants?
The desire for everything a consumer would like whether they have the resources to purchase it or not.
There are too many uses for the resources.
What is economic sustainability?
Ensures the most responsible use of scare resources so that a firm or economy can continue to develop and grow.
Consideration will be given to economic factors such as costs involved in production, price consumer pays, impact on unemployment and impact on government spending and tax revenue.
What is social sustainability?
Considers how economic activity affects quality of life and well-being.
It requires that any growth or development meet the basic needs of all, now and into the future, encourages fairness and a better society. It may also consider who benefits within society and who pays.
What is meant by opportunity cost?
Something that is given up when making a decision on the use of scarce resources.
The value of the next best alternative when making a decision.
What are scarce resources?
When there are fewer resources to make goods and services than are desired
What is the basic economic problem?
How to best use the limited resources to satisfy the unlimited wants of consumers.
What should be produced?
How should it be produced?
Whom should it be produced for?
What is the difference between needs and wants?
Wants are unlimited and include anything a consumer would like whether they can purchase it or not.