Economics (IGCSE): Basic Economic Problem

resources

inputs required for production of goods and services

geographically mobile

relocating from one place to another

occupational mobile

workers can switch career fields, jobs, or hierarchical levels over their working lives

how does the economic problem affect workers

The economic problem affects workers by creating scarcity of resources, leading to competition for jobs, varying wages, and challenges in career mobility.

PPC (production possibility curve)

the maximum combination of two goods that can produced by an economy with all the available resources

opportunity cost

the next best alternative forgone.