IGCSE Economics • IGCSE Economics

IGCSE ECONOMICS The Basic Economic Problem. The Nature of the Economic Problem Resources: are the inputs required for the production of goods and services. Scarcity: a lack of something (in this context, resources). The fundamental economic problem is that there is a scarcity of resources to satisfy all human wants and needs. There are finite resources and unlimited wants. This is applicable to consumers, producers, workers and the government, in how they manage their resources. Economic ...

IGCSE ECONOMICS The Basic Economic Problem Summary. The Nature of the Economic Problem Resources: are the inputs required for the production of goods and services. Scarcity: a lack of something (in this context, resources). The fundamental economic problem is that there is a scarcity of resources to satisfy all human wants and needs. There are finite resources and unlimited wants. This is applicable to consumers, producers, workers and the government, in how they manage their resources. E...

IGCSE Economics Section Unit 5 Revision Notes. Living Standards Living standards or standards of living refer to all the factors that contribute to a person’s well-being and happiness Measuring Living Standards  GDP per head/capita: this measures the average income per person in an economy. Real GDP per capita = Real GDP / Population Merits of using GDP per capita to measure living standards:  GDP is a useful measure of the total production taking place in the country, and so in...