The problem of allocating scarce resources to satisfy unlimited human wants.

The ability of an economy to maintain stable economic growth and use resources efficiently over time.

A system in which consumers, producers, and government interact to produce, distribute, and consume goods and services.

The ability to organise the other factors of production and take risks in order to start and run a business.

A person who organises the factors of production and takes risks to start or manage a business.

The protection and conservation of natural resources and ecosystems so that they remain available for future generations.