IGCSE Economics Unit 1: Revision Flashcard

Front

Why does the basic economic problem exist?

Back

Wants are unlimited and resources are scarce

Front

Example of a scarce resource: Air at sea level, Land, Sunshine, Rainfall

Back

Land

Front

Scarcity forces individuals and societies to:

Back

Make choices

Front

Resource allocation is about deciding:

Back

What to produce, how, and for whom

Front

An economy deciding to produce more hospitals instead of factories is an example of:

Back

Resource allocation

Front

Which factor does NOT affect resource allocation? Options: Consumer demand, Scarcity, Unlimited resources, Government policies

Back

Unlimited resources

Front

Which is a free good? Options: Bottled water, Air in the atmosphere, Gold, Electricity

Back

Air in the atmosphere

Front

What are economic goods?

Back

Scarce and have opportunity cost

Front

Which of these is NOT an economic good? Education, Rainwater collected directly, Healthcare, Smartphones

Back

Rainwater collected directly

Front

What is the reward for labour?

Back

Wages