Unit 1 - Introduction to markets and market failure
Class notes
Theme 1: 1.1.3 The Economic Problem
14 views 0 purchase
Course
Unit 1 - Introduction to markets and market failure
Institution
PEARSON (PEARSON)
Book
Edexcel A level Economics A Book 1
Excellent study tool to revise The Economic Problem part of the A-level Economics syllabus. This is tailored to the Edexcel specification but can also be used for other exam boards.
This is a relevant resource for both first-year and second-year students to revise or learn from and get the best ...
Theme 1: 1.4.1e Other Methods of Government Interventions
Theme 1: 1.4.1d Pollution Permits
All for this textbook (21)
Written for
A/AS Level
PEARSON (PEARSON)
Economics A
Unit 1 - Introduction to markets and market failure
All documents for this subject (195)
Seller
Follow
gurneek
Content preview
1.1.3 The Economic
Problem
●What is it?
●What are factors of production?
●What is meant by opportunity cost
and how does it impact on decision
making?
,Thunking
● We will always have what we need but we
won’t always have what we want…… ?
● Do you agree?
, Recap and definitions:
● “Economics is the study of how groups or
countries allocate their limited resources to
satisfy their unlimited needs and wants.”
● What are resources?
● What is meant by scarce/limited resources?
● What are needs and wants?
● How are they met?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller gurneek. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.92. You're not tied to anything after your purchase.
