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Scarcity creates the economic problem

Scarcity creates the economic problem

Flowchart showing scarce resources and unlimited wants leading to choice, the three economic questions, opportunity cost, and sustainability

Economics starts with a tension: resources are limited, but human wants keep expanding. The basic economic problem is deciding how to allocate scarce resources between competing uses.

The basic economic problem Lesson

  1. GCSE
  2. /Economics
  3. /The basic economic problem

Step-by-step lessons covering OCR GCSE Economics The basic economic problem 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