IGCSE Economics: The Basic Economics Problem (Definition)

Definition of basic economics problem.

Write the keyword(s).

Enter answer format: ____, ____

Who are the economics agents?

Enter answer format: ____, ____ and ____

What is the goods that involved opportunity cost?

Goods that not involving opportunity cost.

What are the questions to consider in order to make the choice and allocation of the resources?

Answer format: ___, ___ and ___

Define opportunity cost

Write the keyword(s)

Answer format: ___, ___

What is the full name of PPC?

What is needs in Economics?

• Essential goods and services

• For human to survive

• Is not necessary to human's live

• Fulfill human's desire

What is wants in Economics?

• Essential goods and services

• For human to survive

• Is not necessary to human's live

• Fulfill human's desire

What is the aim's of private sector?

• to gain profit

• to serve the public

• to sell products

• to sell services