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0455 IGCSE ECONOMICS
PAPER-1-TOPIC-1-BASIC ECONOMIC PROBLEM-TOPIC WISE PAST PAPERS / PAPER-1-NATURE OF ECONOMIC PROBLEM
Note:
IGCSE Economics Topic Questions on BASIC ECONOMIC PROBLEM Paper 1
- People's wants continue to grow.
- Resources such as land, machines etc are limited .
- The economic problem arises due to the fact that wants are infinite while the resources are limited
- The resources are needed to produce economic goods.
- There are also free goods that exists. No resources are needed to produce the free goods.
- Examples of free goods are ideas and works that are reproducible at zero cost, or almost zero cost.
- An economic good is a good or service that has a benefit (utility) to society.
- Also, economic goods have a degree of scarcity and therefore an opportunity cost. This is in contrast to a free good (like air, sea, water) where there is no opportunity cost – but abundance
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