1.1.2 The Basic Economic Problem
In this lesson, you will learn about the basic economic problem, which arises because resources are limited but human wants are unlimited. You will explore scarcity, the key questions economies must answer about production, the concept of opportunity cost, and how costs and benefits are considered when making economic decisions.
Topic 1
Scarce Resources and Unlimited Wants
4 min
51
Topic 2
The Economic Problem
3 min
51
Topic 3
Opportunity Cost
5 min
211
Topic 4
Evaluation of Costs and Benefits
5 min
81