Theme 1 0.0 / 5 ? EconomicsResource allocationA2/A-levelEdexcel Created by: Alfie CooperCreated on: 23-01-24 18:39 What is Ceteris Parabus All other factors remain the same 1 of 6 What is the basic economic problem resources are scarce but human wants are infinite 2 of 6 What is a renewable resource A resource that can be replenished 3 of 6 What is a sustainable resource Used for economic activities in a manner so they wont run out 4 of 6 What is opportunity cost The benefit lost of the next best alternative when making a choice 5 of 6 What is a PPF graph, what does it show A curve that shows all possible combinations of production, shows the maximum production when all economic factors of production are used efficiently 6 of 6
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