1.1 Nature of the basic economic problem
This section of the Cambridge IGCSE Economics (0455) syllabus covers the following topics:
| Section | Topic | Guidance |
| 1.1.1 | Finite resources and infinite wants | Definition of the basic economic problem The concept of scarcity Examples of the basic economic problem in the context of: (i) consumers, (ii) workers, (iii) producers/firms, and (iv) governments |
| 1.1.2 | Resource allocation decisions | The three basic economic questions which determine resource allocation: (i) what to produce?, (ii) how to produce?, and (iii) who to produce for? |
| 1.1.3 | Economic goods and free goods | The difference between economic goods and free goods |
Please click on the relevant hyperlink below to access additional InThinking resources for this section of the syllabus.
Return to the Topic 1 - The basic economic problem homepage
