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1.1.4 Scarcity, choice and the allocation of resources
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Scarcity and the fundamental economic problem

Scarcity and the fundamental economic problem

Scarcity exists because resources are finite, while human wants are effectively unlimited. This means that no individual, firm or government can have everything it wants.

1.1.4 Scarcity, choice and the allocation of resources Lesson

  1. A Level
  2. /Economics
  3. /1.1.4 Scarcity, choice and the allocation of resources

Step-by-step lessons covering AQA A Level Economics 1.1.4 Scarcity, choice and the allocation of resources for A Level Economics. Each lesson works through exam-style questions in Paper 1, Paper 2 and Paper 3 format. Start with the core supply-and-demand models before moving on to the more evaluation-heavy macroeconomic policy topics.