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IGCSE Economics 0455 Notes (Chapter 1-2) | The Basis Economic Problem
- Summary • 23 pages • 2023
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IGCSE Economics 0455 Notes (Chapter 1-2) | The Basis Economic Problem. 
Need ⇒ goods or services necessary for survival 
Want ⇒ goods or services NOT necessary for survival 
Finite resources ⇒ resources that will eventually run out 
Renewable resources ⇒ resources that can be replaced as they are used to produce 
goods or services 
The economic problem ⇒ limited resources and unlimited wants which leads to a 
problem called scarcity 
Scarcity ⇒ an economic problem where the resources...
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IGCSE ECONOMICS The Basic Economic Problem Summary.
- Summary • 8 pages • 2023
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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...