IGCSE Economics (CAIEIGCSEECONOMICS)
Harvard University
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CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023
- Summary • 18 pages • 2023
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CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023. The Basic Economic
Problem
1.1. Economic Problem
There are too few productive resources to make all the
goods and services that consumers need and want.
Unlimited wants and limited resources
Scarcity of resources is the basic economic problem
Types of goods
Economic goods: A good or service that has a degree of
scarcity and therefore an opportunity cost.
Free goods: A good or service that is not scarce and is
available in abundance. F...
Summary
CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023
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CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023. The Basic Economic Problem 1.1. Economic Problem There are too few productive resources to make all the goods and services that consumers need and want. Unlimited wants and limited resources Scarcity of resources is the basic economic problem Types of goods Economic goods: A good or service that has a degree of scarcity and therefore an opportunity cost. Free goods: A good or service that is not scarce and is available in abundance. F...
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