Year 12 Recap - The Economic Problem
The first day of our Year 12 Recap is looking at the most fundamental topic of economics: the aptly named ‘The Economic Problem’. The Economic Problem asks the question “How do we satisfy an unlimited set of wants and needs when we only have access to a limited, set of resources?”. This underpins the reason why a lot of topics in economics are studied – for example, efficiency concerns how well resources are used; this would not be a prominent concern if resources were not scarce.
Whilst longer, essay-style questions are unlikely to focus directly on the issue of ‘The Economic Problem’, it is important to understand why most students will have started their study of economics by investigating the economic problem and references to it can be useful during responses to essays about other topics.
Here Jacob guides you around the topic:
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