We are introducing some important concepts (ideas) in Economics while following the IGCSE Economics Syllabus which has the following requirements:

  • define the nature of the economic problem (finite resources and unlimited wants);
  • define the factors of production (land, labour, capital, enterprise);

To help us understand these concepts, we can use some very useful youtube videos and some interactive quizzes and other links.

The Economic Problem (Finite Resources and Unlimited Wants)

Needs and Wants by kathycassidy

Needs and Wants by alamberth

A quiz via http://www.businessstudiesonline.co.uk on Needs or Wants – click here.

Scarcity & Choice by mjmfoodie

Notice the definition given of Economics.

The Economic Problem is also nicely summarised here:

Scarcity by stephenmonrad

The above video has already introduced some of the resources we would need to make the things we want. In Economics, resources are referred to as the Factors of Production …

2) The Factors of Production

Resources by mjmfoodie

A very quick summary quiz on factors of production via http://www.dineshbakshi.com – click here