Explain what is meant by scarcity. Scarcity is the situation that arises because people have unlimited wants in the face of limited resources. Scarcity is waht forces people to make choices. Evaluate, using examples, the problem of scarcity and the requirement to make choices. An extreme but outlining example of the problem ...
This is because people have infinite wants in the face of limited resources, therefore decisions have to be made. Evaluate the implications of the 'basic economic problem'. The basic economic problem ensures that every society has to decide what to produce, how best to produce it, and for whom to produce it.
Distinguish between economic goods and free goods. Economic goods are resources that are scarce while free goods are recourses that are not scarce. Explain what is meant by the basic 'economic problem'. The basic economic problem is that of scarcity and choice. This is because people have infinite wants in the face of limited resources, ...
The NHS is forced to make difficult choices, because with the infinite wants of consumers in the medical world, the NHS must decide which needs are most prominent. This is because resources are scarce.
Economic goods are resources that are scarce and tradeable (such as shoes or a banana), therefore having a degree of opportunity cost. Free goods are resources that are not scarce, are not tangeable or necessarily tradeable (such as air or the ocean). Distinguish between economic goods and free goods.
The objective of all firms is to make money . Households make decisions regarding their expenditure and finite income, as consumer wants are infinite. Explain, using examples, the impact on sustainability on scarcity and choice. Explain the nature and role of the different factors of production as economic resources.
The key groups of decision makers are the government, firms, and households. Governments must make decisions regarding laws, legislation, expenditures, and taxation. Firms must make decisions on start up costs, wages, machinery, who to employ, answer the questions of location, what product to produce.
Explain what is meant by scarcity. Scarcity is the situation that arises because people have unlimited wants in the face of limited resources. Scarcity is waht forces people to make choices. Evaluate, using examples, the problem of scarcity and the requirement to make choices. An extreme but outlining example of the problem ...
This is because people have infinite wants in the face of limited resources, therefore decisions have to be made. Evaluate the implications of the 'basic economic problem'. The basic economic problem ensures that every society has to decide what to produce, how best to produce it, and for whom to produce it.
Distinguish between economic goods and free goods. Economic goods are resources that are scarce while free goods are recourses that are not scarce. Explain what is meant by the basic 'economic problem'. The basic economic problem is that of scarcity and choice. This is because people have infinite wants in the face of limited resources, ...
The NHS is forced to make difficult choices, because with the infinite wants of consumers in the medical world, the NHS must decide which needs are most prominent. This is because resources are scarce.
Economic goods are resources that are scarce and tradeable (such as shoes or a banana), therefore having a degree of opportunity cost. Free goods are resources that are not scarce, are not tangeable or necessarily tradeable (such as air or the ocean). Distinguish between economic goods and free goods.
The objective of all firms is to make money . Households make decisions regarding their expenditure and finite income, as consumer wants are infinite. Explain, using examples, the impact on sustainability on scarcity and choice. Explain the nature and role of the different factors of production as economic resources.
The key groups of decision makers are the government, firms, and households. Governments must make decisions regarding laws, legislation, expenditures, and taxation. Firms must make decisions on start up costs, wages, machinery, who to employ, answer the questions of location, what product to produce.