Skip to content

Course home

x
1.1.3 nature and definition of opportunity cost, arising from choices
x

Scarcity Creates Choice

Scarcity Creates Choice

Flow diagram showing scarcity leading to choice and then opportunity cost, with a farmer choosing wheat over maize and soya

Scarcity is the fundamental economic problem: resources are finite, but human wants are effectively unlimited. This applies in every economy, including rich economies.

1.1.3 nature and definition of opportunity cost, arising from choices Lesson

  1. Intl A Level
  2. /Economics
  3. /1.1.3 nature and definition of opportunity cost, arising from choices

Step-by-step lessons on CIE Intl A Level Economics 1.1.3 nature and definition of opportunity cost, arising from choices. Each one builds up to exam-style questions.

Lessons