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1.1. The nature of the basic economic problem

Syllabus
0455–2027–2028
Topic
1.1
Level
—

1.1.1—Finite resources and infinite wants

  • definition of the basic economic problem
  • the concept of scarcity
  • examples of the basic economic problem in the context of:
  • consumers
  • workers
  • producers/firms
  • governments

1.1.2—Resource allocation decisions

  • The three basic economic questions which determine resource allocation:
  • what to produce
  • how to produce
  • who to produce for

1.1.3—Economic goods and free goods

  • the difference between economic goods and free goods

Objective notes

3 learning objectives
ConceptIGCSE Economics