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Cambridge IGCSE Economics (0455)
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Econ_level 2_economic Principles_nature Of The Basic Economic Problem
G
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Question
What is scarcity?
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Answer
The condition in which resources are finite but human wants are unlimited, so choices are unavoidable.
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1
What is scarcity?
2
How does a need differ from a want?
3
What is the central purpose of economic activity?
4
What are the three allocation questions?
5
How is an economic good different from a free good?
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How can scarcity affect a household?
7
Why is the basic economic problem also faced by governments?