opportunitycost - The sacrifice of the next best alternative foregone, basiceconomicproblem - This is a universal problem where resources are scarce, want - Something we would like to have to improve our standard of living, need - Something we have to have in order to survive, scarcity - This is the basic economic problem, factorsofproduction - Land, labour, capital and enterprise are known as what?, land - This covers all natural occurring resources, disposableincome - Income left after taxes have been deducted, mortgage - A loan to buy a house, overdraft - A sum of money you can access when you have no money in your account, demand - The ability and willingness to pay for a good or service, Utility - The satisfaction gained from consuming a good or service, Marginalutility - the extra satisfaction gained from consuming consecutive units of a good or service,

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