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Land
Labour
Capital
Enterprise

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Scarcity is permanent because resources are limited against unlimited wants.
A shortage is temporary and occurs when demand exceeds supply at the current price.

","mcqOptions":null},{"id":"b2c31326-1390-4579-bbd1-3e15c73440df","cardType":"basic","points":2,"front":"Can petrol be scarce while still being available at every forecourt? Why?","back":"Yes. Scarce means limited, not completely unavailable.","mcqOptions":null},{"id":"36ce6e0d-60c0-4d65-bcb4-93f851019643","cardType":"cloze","points":null,"front":"A shortage occurs when buyers want more of a good than sellers are offering at the [ ].","back":"A shortage occurs when buyers want more of a good than sellers are offering at the current price.","mcqOptions":null},{"id":"ebbac121-5312-4029-bcb6-bdf9e1a6106f","cardType":"basic","points":1,"front":"What is a need, and give one example?","back":"A need is a good or service essential for survival, such as clean water.","mcqOptions":null},{"id":"64dabf59-06ce-411c-bfc0-c4f414b0ff25","cardType":"basic","points":1,"front":"What is a want, and give one example?","back":"A want is a good or service not essential for survival, such as a games console.","mcqOptions":null},{"id":"715107ab-b977-499e-a70f-2cdb1c97780b","cardType":"basic","points":2,"front":"Why do wants vary more widely than needs?","back":"Wants vary with taste, income and advertising, whereas everyone shares a short list of essential needs.","mcqOptions":null},{"id":"3d8d6849-901e-4608-a537-9b343191caf4","cardType":"cloze","points":null,"front":"Choosing a takeaway rather than plain rice is usually a [ ], because eating is the need.","back":"Choosing a takeaway rather than plain rice is usually a want, because eating is the need.","mcqOptions":null},{"id":"d9085b99-9617-4b19-9f08-ebe5839c455b","cardType":"basic","points":1,"front":"What do households usually cut first when money is tight?","back":"They cut wants before needs.","mcqOptions":null},{"id":"1194f206-b4ef-456e-aeb9-cc18ced4f0b7","cardType":"basic","points":2,"front":"How did UK households respond to high energy bills in 2022 and 2023?","back":"They continued paying to heat their homes while cutting takeaways and streaming subscriptions.","mcqOptions":null},{"id":"9cd4c8eb-da15-404c-8c29-2d64dbce8aec","cardType":"basic","points":2,"front":"How does scarcity affect consumers?","back":"Consumers have limited income but unlimited things they would like to buy.","mcqOptions":null},{"id":"cca06b85-8bfa-4bd7-9c4e-1f5696b5905b","cardType":"basic","points":2,"front":"How does scarcity affect workers?","back":"Workers have a limited number of hours and must choose how to use them.","mcqOptions":null},{"id":"9725285a-d11c-418b-ad8c-600f339b0f82","cardType":"basic","points":2,"front":"How does scarcity affect producers?","back":"Producers have limited money, materials and staff for making products.","mcqOptions":null},{"id":"dbddbb9a-1b81-4189-91b1-7b0f5976b20a","cardType":"basic","points":2,"front":"How does scarcity affect the government?","back":"The government has limited tax revenue but enormous demands for spending on health, education and defence.","mcqOptions":null},{"id":"85ba7bfb-a2fe-4cb7-a45e-3c340ed868a1","cardType":"cloze","points":null,"front":"The NHS faces scarcity because it has a fixed annual [ ] but an almost endless list of treatments it could fund.","back":"The NHS faces scarcity because it has a fixed annual budget but an almost endless list of treatments it could fund.","mcqOptions":null}]}],"examCountdown":{"examDate":"2027-05-13","paperLabel":"Paper 1"},"heading":"1.2.1 Scarce resources and unlimited wants","title":"1.2.1 Scarce resources and unlimited wants Flashcards","topbar":{"backHref":"/gcse/economics/ocr/flashcards"},"topicSidebar":"$L37"}]}],"topicId":"35ef4cb3-26f4-4ec8-840c-21250ba012be","walled":"$L38"}],"$L39","$L3a"]