THEME 1:
INTRODUCTI
O N TO 1.1.3 The Economic Problem
MARKETS
AND
MARKET
FA I L U R E Why did you choose Economics as an A-Level?
What other options were there?
Why didn’t you choose Economics plus the
alternative options?
Edexcel 1.1 NATURE OF ECONOMICS
Economics
, 1.3 THE ECONOMIC PROBLEM
a) The problem of scarcity – where there are
unlimited wants and finite resources
b) The distinction between renewable and non-
renewable resources
c) The importance of opportunity costs to economic
agents (consumers, producers and government)
INTRODUCTI
O N TO 1.1.3 The Economic Problem
MARKETS
AND
MARKET
FA I L U R E Why did you choose Economics as an A-Level?
What other options were there?
Why didn’t you choose Economics plus the
alternative options?
Edexcel 1.1 NATURE OF ECONOMICS
Economics
, 1.3 THE ECONOMIC PROBLEM
a) The problem of scarcity – where there are
unlimited wants and finite resources
b) The distinction between renewable and non-
renewable resources
c) The importance of opportunity costs to economic
agents (consumers, producers and government)
