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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.

1.2 The basic economic problem Lesson

  1. GCSE
  2. /Economics
  3. /1.2 The basic economic problem

Step-by-step lessons on OCR GCSE Economics 1.2 The basic economic problem, covering 1.2.1 Scarce resources and unlimited wants, 1.2.2 The economic problem, 1.2.3 Opportunity cost, and 1.2.4 Costs and benefits of economic choices. 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.

Lessons