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    IGCSE ECONOMICS: Basic Economic Problem

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    This document contains a worksheet with questions about basic economic concepts such as production, consumption, factors of production, and opportunity cost. It includes questions that ask students to match key terms to explanations, explain the difference between needs and wants using examples, describe how factors of production are used to make bread, define the basic economic problem and why it affects everyone, and calculate and explain opportunity cost in production scenarios.

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    IGCSE ECONOMICS: Basic Economic Problem

    Uploaded by

    kbafna28
    4K views2 pages
    This document contains a worksheet with questions about basic economic concepts such as production, consumption, factors of production, and opportunity cost. It includes questions that ask students to match key terms to explanations, explain the difference between needs and wants using examples, describe how factors of production are used to make bread, define the basic economic problem and why it affects everyone, and calculate and explain opportunity cost in production scenarios.

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    basic economic problem worksheet for igcse economics

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    IGCSE ECONOMICS: basic economic problem

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    This document contains a worksheet with questions about basic economic concepts such as production, consumption, factors of production, and opportunity cost. It includes questions that ask students to match key terms to explanations, explain the difference between needs and wants using examples, describe how factors of production are used to make bread, define the basic economic problem and why it affects everyone, and calculate and explain opportunity cost in production scenarios.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    4K views2 pages

    IGCSE ECONOMICS: Basic Economic Problem

    Uploaded by

    kbafna28
    This document contains a worksheet with questions about basic economic concepts such as production, consumption, factors of production, and opportunity cost. It includes questions that ask students to match key terms to explanations, explain the difference between needs and wants using examples, describe how factors of production are used to make bread, define the basic economic problem and why it affects everyone, and calculate and explain opportunity cost in production scenarios.

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    Worksheet 1

    1.1 The basic economic problem

    1. Match the key terms and economic concepts with their explanations.

    Key terms
    Production
    Consumption
    Land
    Labour
    Capital
    Enterprise
    Firms
    Opportunity cost
    Products
    Consumers

    Explanation

    A Natural resources
    B Goods and services: the
    outputs of production processes
    C The benefit gone without by
    giving up the next best alternative
    use of some scarce resources
    D Business know-how and the
    ability to organize productive
    activities
    E Using resources to make and
    deliver goods and services to
    satisfy the needs and wants of
    consumers

    F The using up of goods and


    services to satisfy human needs
    and wants
    G Individuals and organizations
    who are willing and able to buy
    goods and services to satisfy
    their needs and wants
    H Human effort used up in
    production
    I Organizations in which
    entrepreneurs combine resources
    toproduce goods and services
    J Man-made resources, such as
    machinery, that are used to make
    other goods and services

    2. Using examples, explain the difference between a human need and a human want.


    3. What are factors of production? Describe briefly how they might be used in the production of bread.








    4. What is the basic economic problem?

    Brian Titley 2012: this may be reproduced for class use solely for the purchasers institute

    5. Explain why the basic economic problem will even affect Bill Gates (Founder and Chairman of
    Microsoft and one of the worlds wealthiest people).


    6. A firm currently produces 500 units of a good X and 300 of a good Y using its resources. In the
    following week it decides to produce 600 units of X and 250 of Y. What is the opportunity cost of the
    decision to produce 100 more units of X?

    7. (i) What is a production possibility curve? (ii) In the diagram below, country A is currently producing at
    point A. What would be the opportunity cost of a decision to reallocate its resources to produce at point B
    so it could produce more cheese?


    Cheese (tonnes per month)


    500
    400
    300

    200

    100

    Brian Titley 2012: this may be reproduced for class use solely for the purchasers institute

    B
    A

    100
    200
    300
    Textiles and clothing (tonnes per month)

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