1.1 The nature of the economic problem

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The  nature of the economic problem IGCSE  Economics Notes

Syllabus Objectives

Topic

  • 1.1.1 finite resources and unlimited wants
  • 1.1.2 economic and free goods

Guidance

  • Definition and examples of the economic problem in the contexts of: consumers; workers; producers; and governments.
  • The difference between economic goods and free goods.

Revision Notes

Note:

  • The video is  a preview of our revision notes
  • Note that notes get revised from time to time as per expert advice.
  • All the IGCSE Economics Notes   are meant for revision and hence are fully downloadable as well as printable once you become a paid member.

Exam Tips

For multiple choice questions: [ Paper 1]

  • The topic on " Economic problem "appears to be our  assessment boards  all-time favourite topic. With over 30  questions revolving around this topic in a period of 10 years[ counting all the session]
  • So study this concept really well and solve as many questions as possible on the topic
  • Once again free and economics goods have only been assessed once in the past 10 years. As I have mentioned earlier, this no where implies that it will never be assessed in the future. This analysis of the papers is for the sake of those forever-curious minds

 

For theory paper: [ paper 2]

  • There have no questions been asked on the difference between economic goods and free goods.
  • But you should be well prepared with the differences as you might be asked to state them anytime.

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