gcse economics - scarce resources & unlimited wants
This is the reason for the existence of this subject. In reality most resources are scarce. Similarly individuals and nations have unlimited wants.
The Basics
Scare Resources
There are only a limited number of resources such as workers, machines, factories, raw materials etc. Yet there are a number of different ways in which they could be used.
Similarly people only have a limited amount of money. Yet they have lots of needs and wants to satisfy.
Also the Government has a limited amount of money £440 billion !!!!. However, it is unable to satisfy all its wants.
THE BASIC ECONOMIC PROBLEM – the problem arises because resources are scarce, but human wants are unlimited.
ACTION
What is the difference between needs and wants?
These GCSE Economics revision notes have been kindly provided by Peter Davies of Mill Hill School, Ripley Keep Up-todate with your GCSE Economics - Subscribe Free to Economics in the News by Email
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