AQA A Level · 7136 · Paper 1: Markets and market failure
4.1.1.2–4 The Economic Problem
Also AQA AS 7135: 3.1.1.2
Everything you need for questions on the purpose of economic activity, economic resources, scarcity and opportunity cost, in the words examiners reward. An interactive seven-step lesson goes with it.
What's on this sheet
- Scarcity: the basic economic problem
- The purpose of economic activity
- The factors of production
- Renewable and non-renewable resources
- Opportunity cost
- A classic chain
- Classic question: should governments use opportunity cost to judge spending?
- Side 2: practice tasks, where the marks go, and exam-style questions
- Separate answer key
The lesson in seven steps
- Run the council budget
- Land, labour, capital or enterprise?
- What was the next best alternative?
- Resources that run out
- Thinking about scarcity
- Build the chain
- Exam practice
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