Economics GCSE
Scarcity and the economic problem
What Scarcity and the economic problem means in Economics GCSE, as defined for AQA.
Definition of Scarcity and the economic problem
Check what you remember
Read the wording for your board, then hide it and explain Scarcity and the economic problem in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
Resources are scarce but wants are infinite, which forces economic agents to make choices.
Topics that use Scarcity and the economic problem
- Making choices (AQA GCSE)
Related terms
- Economic decision making
- Maximisation of utility, profit, and welfare
- Opportunity cost
- Scarcity
- Scarcity and resource allocation
- Costs and benefits analysis
- Rational decision making
- Trade-offs
Using Scarcity and the economic problem in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
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