100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
IGCSE ECONOMICS The Basic Economic Problem Summary. $10.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. IGCSE ECONOMICS
  4.  
  5. IGCSE ECONOMICS
  6.  
  7. IGCSE ECONOMICS

Summary

IGCSE ECONOMICS The Basic Economic Problem Summary.
 8 views  0 purchase
  • Course
  • IGCSE ECONOMICS
  • Institution
  • IGCSE ECONOMICS
  • Book
  • The Economic Problem

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 resource...

[Show more]

Preview 2 out of 8  pages

Document information

  • Yes
  • January 7, 2023
  • 8
  • 2022/2023
  • Summary

Subjects

  • basic economic problem
  • igcse economics
  • igcse economics the basic economic problem
  • the basic economic problem
  • igcse economics the basic economic problem summary 2023

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

  • IGCSE Economics 0455 Notes (Chapter 1-2) | The Basis Economic Problem
All for this textbook (2)

Written for

  • IGCSE ECONOMICS
  • IGCSE ECONOMICS
  • IGCSE ECONOMICS
All documents for this subject (20)

Seller

avatar-seller
STUDYLAB2023

Reviews received

Content preview

IGCSE ECONOMICS
The Basic Economic
Problem.

, The Basic Economic Problem

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.

Economic goods are those which are scarce in supply and so can only be produced with
an economic cost and/or consumed with a price. In other words, an economic good is a
good with an opportunity cost. All the goods we buy are economic goods, from bottled
water to clothes.

Free goods, on the other hand, are those which are abundant in supply, usually referring
to natural sources such as air and sunlight.

The Factors of Production
Resources are also called ‘factors of production’ (especially in Business). They are:

Land: all natural resources in an economy. This includes the surface of the earth,
lakes, rivers, forests, mineral deposits, climate etc.

The reward for land is the rent it receives


Since, the amount of land in existence stays the same, its supply is said to be fixed.
But in relation to a country or business, when it takes over or expands to a new area,
you can say that the supply of land has increased, but the supply is not depended on
its price, i.e. rent.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 STUDYLAB2023. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75632 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.49
  • (0)
  Add to cart