Edexcel A Level · 9EC0 · Theme 1: Introduction to markets and market failure
1.1.3 The Economic Problem
Also Edexcel AS 8EC0
Everything you need for questions on the economic problem, in the words examiners reward. An interactive seven-step lesson goes with it.
What's on this sheet
- Scarcity: the basic economic problem
- 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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