The basic economic problem
The basic economic problem
Scarce resources are factors of production that are limited in supply at any one time. The four factors are land, labour, capital and enterprise, so only a limited amount of goods and services can be produced.
Step-by-step lessons on OCR GCSE Economics 1.2.1 Scarce resources and unlimited wants. Each one builds up to exam-style questions. Build a solid grasp of supply and demand and cost/revenue calculations before tackling the evaluation-heavy policy topics.