The Economic Problem notes

IGCSE ECONOMICS The Basic Economic Problem Summary. The Nature of the Economic Problem Resources: are the inputs required for the production of goods and services. Scarcity: a lack of something (in this context, resources). The fundamental economic problem is that there is a scarcity of resources to satisfy all human wants and needs. There are finite resources and unlimited wants. This is applicable to consumers, producers, workers and the government, in how they manage their resources. E...

IGCSE Economics 0455 Notes (Chapter 1-2) | The Basis Economic Problem. Need ⇒ goods or services necessary for survival Want ⇒ goods or services NOT necessary for survival Finite resources ⇒ resources that will eventually run out Renewable resources ⇒ resources that can be replaced as they are used to produce goods or services The economic problem ⇒ limited resources and unlimited wants which leads to a problem called scarcity Scarcity ⇒ an economic problem where the resources...

IGCSE Economics 0455 Notes (Chapter 1-2) | The Basis Economic Problem. Need ⇒ goods or services necessary for survival Want ⇒ goods or services NOT necessary for survival Finite resources ⇒ resources that will eventually run out Renewable resources ⇒ resources that can be replaced as they are used to produce goods or services The economic problem ⇒ limited resources and unlimited wants which leads to a problem called scarcity Scarcity ⇒ an economic problem where the resources...

IGCSE ECONOMICS The Basic Economic Problem Summary. The Nature of the Economic Problem Resources: are the inputs required for the production of goods and services. Scarcity: a lack of something (in this context, resources). The fundamental economic problem is that there is a scarcity of resources to satisfy all human wants and needs. There are finite resources and unlimited wants. This is applicable to consumers, producers, workers and the government, in how they manage their resources. E...