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You are here: IGCSE Economics Basic Economic Problem

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Learning outcomes

At the end of this unit students will be able to:

  • define the nature of the economic problem (finite resources and unlimited wants);
  • define the factors of production (land, labour, capital, enterprise);
  • define opportunity cost and analyse particular circumstances to illustrate the concept;
  • evaluate the implications of particular courses of action in terms of opportunity cost.

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