Chapter 1

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Economics

IGCSE Economics

CIE

Last updated 8:03 AM on 1/10/25
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6 Terms

1
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Wants

Desires for goods and services

2
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Resources

Factors used to produce goods and services

3
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The economic problem

A situation where there is not enough to satisfy everyone's wants.

4
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Economic good

A product which requires reasources to prudce it. (Have opportunity cost)

5
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Free good

A product which does not require any resources to make it. (Does not have opportunity cost)

6
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