Scarcity
What Scarcity means in Economics A-Level, as defined for AQA, Pearson Edexcel.
Definitions of Scarcity
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Reference: AQA
The fundamental economic problem that results from limited resources and unlimited wants, meaning society cannot satisfy every want.
The basic economic problem that economic activity fundamentally exists to address by producing goods and services.
The condition of limited resources that means every society must answer the three fundamental economic questions.
The fundamental economic problem arising from unlimited human wants relative to finite resources.
Topics that use Scarcity
- Scarcity, choice and the allocation of resources (AQA A-Level)
- The nature and purpose of economic activity (AQA A-Level)
- Nature of economics (Pearson Edexcel A-Level)
Related terms
- Choice
- Division of labour
- Economic agents
- Economic decision-making
- Economic systems
- Factors of production
- Free Market Economy
- Normative statement
Using Scarcity in the exam
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