ILO:
a) The problem of scarcity – where there are unlimited wants and finite resources
b) The distinction between renewable and non-renewable resources
c) The importance of opportunity costs to economic agents (consumers, producers and government)
a) The problem of scarcity – where there are unlimited wants and finite resources
b) The distinction between renewable and non-renewable resources
c) The importance of opportunity costs to economic agents (consumers, producers and government)
Scarcity
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Examine two causes of scarcity. (8 marks)
Overpopulation – The Human Explosion Explained
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Explain the role of economics in helping overcome scarcity. (5 marks)
'Brazil drought linked to Amazon deforestation
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Related reading:
Malnutrition
Malnutrition
Revision video on scarcity:
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Y1/IB 1) The Economic Problem (Scarcity & Choice)
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Resource Scarcity I Economics
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Renewable & Non-renewable resources
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Explain what the difference is between renewable and non-renewable resources. (5 marks)
16 Inventions Getting Us Off Fossil Fuels
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Explain why we might we require Government intervention in energy markets like fuel. (5 marks)
UK Government brings forward ban on sales of new petrol and diesel cars by 2035
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Revision video on renewable and non-renewable resources:
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Renewable and Non-renewable resources
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The innovations we need to avoid a climate disaster | Bill Gates
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Opportunity Cost
Explain the importance of understanding opportunity cost for each of the economic agents below: (5 marks)
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Consumer:
Inside the brain of a gambling addict - BBC News
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The firm:
Amazon destroying millions of items of unsold stock in one of its UK warehouses each year | ITV News
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The Government:
Health unions warn of strike action over 1% NHS pay proposal - BBC News
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Revision videos
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Intro to Economics: Crash Course Econ #1
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Opportunity Cost - Two Applied Examples I A Level and IB Economics
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