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Scarcity and who makes choices

Scarcity and who makes choices

Flowchart of consumers, producers and government linked by spending, jobs, taxes, public services and regulation

Economics studies how people, firms and governments make choices when resources are limited. Because wants are unlimited but resources are scarce, every economy must decide what to produce, how to produce it, and who receives it.

Main economic groups and factors of production Lesson

  1. GCSE
  2. /Economics
  3. /Main economic groups and factors of production

Step-by-step lessons covering OCR GCSE Economics Main economic groups and factors of production for GCSE Economics. Each lesson works through exam-style questions in Component 01 and Component 02 format. Build a solid grasp of supply and demand and cost/revenue calculations before tackling the evaluation-heavy policy topics.

Lessons