Cambridge AS & A Level Economics
1.1Scarcity, choice and opportunity cost
Scarcity, choice and opportunity cost in Cambridge AS & A Level Economics: what the syllabus expects you to know, the learning objectives and how to practise.
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Learning objectives
What the syllabus expects you to be able to do.
- 1.1.1Explain the fundamental economic problem of scarcity.
- 1.1.2Explain the need to make choices at the level of individuals, firms and governments.
- 1.1.3Define opportunity cost and show how it arises from choices.
- 1.1.4Explain the basic questions of resource allocation: what, how and for whom to produce.
Lessons
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Scarcity, choice and opportunity cost
40 min
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