IGCSE Economics Study guides, Class notes & Summaries

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...

IGCSE Economics Section Unit 5 Revision Notes (Summary) 2023. 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 co...

IGCSE Economics 0455 Notes (Chapter 1-2) For 2023. 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 are not enough to sa...

IGCSE Economics 0455 Notes (Chapter 1-2) 2023. 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 are not enough to satis...

CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023. The Basic Economic Problem 1.1. Economic Problem There are too few productive resources to make all the goods and services that consumers need and want. Unlimited wants and limited resources Scarcity of resources is the basic economic problem Types of goods Economic goods: A good or service that has a degree of scarcity and therefore an opportunity cost. Free goods: A good or service that is not scarce and is available in abundance. F...

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 ...