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Summary iGCSE CIE Economics Section 1
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iGCSE CIE Economics Section 1
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Section 1The Basic Economic Problem
, { 1 - The nature of the economic problem }
F INI TE RESOURCES AND UNLIMI TED WANT S
What is the economic problem?
The economic problem exists because of unlimited wants which exceed nite resources available, also
known as scarcity.
Why does the economic problem continue to exist?
Despite more goods and services being produced today than ever before, people still want
more products, so the growth in once is always exceeding the growth of economic resources.
ECONOMIC GOODS AND F REE GOODS
What are economic goods?
They require resources to be produced, thus being limited in supply.
For example, cars, houses and chocolates are all economic growths as they need resources to be produced
What are free goods?
They are goods which can be produced without any resources.
For example: water and sunshine are free goods as they don’t need resources to be produced.
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