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IGCSE ECONOMICS: CHAPTER 1: THE NATURE OF
ECONOMIC PROBLEM - YouTube - Notes Export
Generated on May 14, 2023
Summary
Notes
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1
0:37
resources are used to produce good and services
0:41
there are limited resources compared to our limited wants. there
are limited(scarce) resources to produce goods and services to
satisfy our needs and wants.
0:44
scarcity: shortage, short in supply.
0:45
needs vs wants: needs are basic human requirements, things
humans cannot survive without eg: water, air, food, shelter.
wants are human desires, things that humans can live without
eg: vacation to paris, toyota supra, vivienne westwood pearl
necklace etc…
0:45
the economic problem can never be fixed so the continuing
nature of economic problem is: exceeding wants, because no
matter how much a person may get, they always have desires
to have more and more.
0:46
resources are inputs to productive activity and products are
output from productive activity.
0:48
ECONOMIC GOODS AND FREE GOODS:
2:25
Economic goods: goods that take resources to produce, they
are limited in supply, has an opportunity cost. eg: mobile
phones, cars, lapops.
2:28
Free goods: goods that don’t require resources to be made,
they naturally occur, they have no opportunity cost because
they don’t need any resources to be produced so no choice has
to be made. eg: water, sunshine, water in river
2:35