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Year 12 Recap - The Economic Problem

Year 12 Recap - The Economic Problem

With the June exam series fast approaching, the first day of our Year 12 Recap looks 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. 

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