1.1.3 The Economic
Problem
●What is it?
●What are factors of production?
●What is meant by opportunity cost
and how does it impact on decision
making?
,Thunking
● We will always have what we need but we
won’t always have what we want…… ?
● Do you agree?
, Recap and definitions:
● “Economics is the study of how groups or
countries allocate their limited resources to
satisfy their unlimited needs and wants.”
● What are resources?
● What is meant by scarce/limited resources?
● What are needs and wants?
● How are they met?
Problem
●What is it?
●What are factors of production?
●What is meant by opportunity cost
and how does it impact on decision
making?
,Thunking
● We will always have what we need but we
won’t always have what we want…… ?
● Do you agree?
, Recap and definitions:
● “Economics is the study of how groups or
countries allocate their limited resources to
satisfy their unlimited needs and wants.”
● What are resources?
● What is meant by scarce/limited resources?
● What are needs and wants?
● How are they met?
