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1.3.1.3a - problem of unlimited wants and finite resources

Syllabus
2018
Objective
1.3.1.3
Level
AS

a - problem of unlimited wants and finite resources

The problem of unlimited wants and finite resources.

Use a - problem of unlimited wants and finite resources to connect the rule to the data and decision in the question.

This matters because a - problem of unlimited wants and finite resources determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - problem of unlimited wants and finite resources to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - problem of unlimited wants and finite resources is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

ConceptA-Level Edexcel Economics AS