Match the term with the correct description. Sustainable development Anything wi
ID: 803096 • Letter: M
Question
Match the term with the correct description.
Sustainable development Anything with potential use in creating wealth or giving satisfaction
Resource Any form of wealth available for use in the production of more wealth
Nonrenewable resources Materials present in fixed amounts in the environment (e.g., minerals), or renew over geological time (e.g., fossil fuels)
Intangible resources The amount of a product or service consumers are willing and able to buy at various prices assuming they are free to express their
preferences
Capital The quantity of that product being offered for sale at various prices
Capitalist system Materials that can be replenished or replaced (e.g., sunlight).
Demand Adapted principles of modern science to economic analysis (Milton Friedman)
Supply Abstract resources such as open space, beauty, serenity, etc.
Neoclassical economics Meeting the needs of the present without compromising the ability of future generations to meet their own needs
Market competition between willing sellers and fully informed buyers is believed to bring about the greatest efficiency of resource use
Explanation / Answer
Resource - Anything with potential use in creating wealth or giving satisfaction
Capital - Any form of wealth available for use in the production of more wealth
Nonrenewable resources Materials present in fixed amounts in the environment (e.g., minerals), or renew over geological time (e.g., fossil fuels)
demand - The amount of a product or service consumers are willing and able to buy at various prices assuming they are free to express their preferences
supply - The quantity of that product being offered for sale at various prices
renewable sources - Materials that can be replenished or replaced (e.g., sunlight).
Neoclassical economics - Adapted principles of modern science to economic analysis (Milton Friedman)
Intangible resources - Abstract resources such as open space, beauty, serenity, etc.
Sustainable development - Meeting the needs of the present without compromising the ability of future generations to meet their own needs
Capitalist system - Market competition between willing sellers and fully informed buyers is believed to bring about the greatest efficiency of resource use