- Join over 1.2 million students every month
- Accelerate your learning by 29%
- Unlimited access from just £6.99 per month
The Economic Problem andEconomic Systems
- Essay length: 2734 words
- Submitted: 08/01/2009
The first 200 words of this essay...
GCSE Economics Revision Notes
The Economic Problem
The Economic Problem
Economics is a social science which studies how humans behave when faced by the economic problem of scarcity.
Economic problem = human wants for goods and services are unlimited, but resources for producing goods and services to satisfy the wants are limited.
Reasons for unlimited wants include
* Most goods wear out over time and need replacing - eg food, clothes, furniture
* New goods and services are invented creating new wants - eg personal computers, games consoles
* Human greed
Resources at any moment in time are limited because of the restrictions of the Earth.
Renewable resources = resources that can be replaced (eg vegetation and people).
Non-renewable resources = resources that can only be used once and will ultimately run out (eg fossil fuels, mineral ores). Some of these resources can be recycled.
Free good = a good that is not scarce, so is available in sufficient quantity to satisfy all human wants (eg air).
If all goods and services are free, the economic
Found what you're looking for?
- Start learning 29% faster today
- Over 150,000 essays available
- Just £6.99 a month
Not the one? We have 100's more
Economics (view all)
- Explain why the government might choose to grant a subsidy t...
- Explain how the transfer of capital can be influenced by wor...
- Advantages and Disadvantages of High and Low Exchange Rates ...
- Economics Article Commentary. London gets EU reprieve over a...
- IB Economics IA Commentary. Title of Extract: EU imposes du...
- Economic Analysis of an article "Barack Obama trumpeted...
- Commentary on the article Electric car an idea that may have...
- Current account surplus/deficit - problems and solutions
- International Trade Economics Commentary. In hope of shifti...
- Macroeconomics Economics Commentary - patterns in America's ...
""Sabrina, Washington. IB English, History, Chemistry, Anthropology.
""Nikolay. Business Studies. BTEC Student.