Economics GCSE
The basic economic problem
What The basic economic problem means in Economics GCSE, as defined for AQA.
Definition of The basic economic problem
Check what you remember
Read the wording for your board, then hide it and explain The basic economic problem in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
Scarce resources, such as land, labour, capital, and enterprise, are limited in supply compared to infinite human wants.
Topics that use The basic economic problem
- Markets and allocation of resources (AQA GCSE)
Related terms
- Circular flow of income
- Efficiency and resource allocation
- Factor market
- Factors of production
- Market
- Market economies
- Market forces
- Price determination
Using The basic economic problem in the exam
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