{"id":767,"date":"2011-08-21T20:51:15","date_gmt":"2011-08-22T02:51:15","guid":{"rendered":"http:\/\/opengecko.com\/economics\/basic-economic-problem-part-1\/"},"modified":"2011-08-21T20:51:15","modified_gmt":"2011-08-22T02:51:15","slug":"basic-economic-problem-part-1","status":"publish","type":"post","link":"https:\/\/opengecko.com\/geckoview\/economics\/basic-economic-problem-part-1\/","title":{"rendered":"Basic Economic Problem &ndash; Part 1"},"content":{"rendered":"<p><font size=\"4\">We are introducing some important concepts (ideas) in Economics while following the IGCSE Economics Syllabus which has the following requirements:<\/font><\/p>\n<table cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\">\n<ul>\n<li><font size=\"4\">define the nature of the economic problem (finite resources and unlimited wants);<\/font><\/li>\n<li><font size=\"4\">define the factors of production (land, labour, capital, enterprise);<\/font><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><font size=\"4\">To help us understand these concepts, we can use some very useful youtube videos and some interactive quizzes and other links.<\/font><\/p>\n<p><font size=\"4\"><\/font><\/p>\n<p><strong><u><font size=\"4\">The Economic Problem (Finite Resources and Unlimited Wants)<\/font><\/u><\/strong><\/p>\n<h3><font size=\"4\">Needs and Wants by <\/font><a href=\"http:\/\/www.youtube.com\/user\/kathycassidy\"><strong><font size=\"4\">kathycassidy<\/font><\/strong><\/a><\/h3>\n<p><iframe loading=\"lazy\" height=\"390\" src=\"http:\/\/www.youtube.com\/embed\/TWjkEZdPglI?rel=0\" frameborder=\"0\" width=\"480\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h3><font size=\"4\">Needs and Wants by <\/font><a href=\"http:\/\/www.youtube.com\/user\/alamberth\"><strong><font size=\"4\">alamberth<\/font><\/strong><\/a><\/h3>\n<p><iframe loading=\"lazy\" height=\"345\" src=\"http:\/\/www.youtube.com\/embed\/t9qw_mqGMq0?rel=0\" frameborder=\"0\" width=\"560\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><font size=\"4\"><\/font><\/p>\n<p><font size=\"4\">A quiz via <\/font><a href=\"http:\/\/www.businessstudiesonline.co.uk\/\"><font size=\"4\">http:\/\/www.businessstudiesonline.co.uk<\/font><\/a><font size=\"4\"> on Needs or Wants \u2013 <\/font><a href=\"http:\/\/www.businessstudiesonline.co.uk\/GcseBusiness\/Activities\/Module1\/BasicTerms\/NeedOrWant\/Need%20or%20Want.html\" target=\"_blank\"><font size=\"4\">click here.<\/font><\/a><\/p>\n<h3><font size=\"4\">Scarcity &amp; Choice by <\/font><a href=\"http:\/\/www.youtube.com\/user\/mjmfoodie\"><strong><font size=\"4\">mjmfoodie<\/font><\/strong><\/a><\/h3>\n<p><iframe loading=\"lazy\" height=\"390\" src=\"http:\/\/www.youtube.com\/embed\/eivSr8BcPLY?rel=0\" frameborder=\"0\" width=\"480\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><font size=\"4\">Notice the definition given of Economics.<\/font><\/p>\n<p><font size=\"4\">The Economic Problem is also nicely summarised here:<\/font><\/p>\n<p><font size=\"4\">Scarcity by <\/font><a href=\"http:\/\/www.youtube.com\/user\/stephenmonrad\"><strong><font size=\"4\">stephenmonrad<\/font><\/strong><\/a><\/p>\n<p><iframe loading=\"lazy\" height=\"390\" src=\"http:\/\/www.youtube.com\/embed\/OS_9A_EA30M?rel=0\" frameborder=\"0\" width=\"480\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><font size=\"4\">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 \u2026<\/font><\/p>\n<p><u><font size=\"4\">2) The Factors of Production<\/font><\/u><\/p>\n<p><font size=\"4\">Resources by <\/font><a href=\"http:\/\/www.youtube.com\/user\/mjmfoodie\"><strong><font size=\"4\">mjmfoodie<\/font><\/strong><\/a><font size=\"4\"> <\/font><\/p>\n<p><iframe loading=\"lazy\" height=\"390\" src=\"http:\/\/www.youtube.com\/embed\/efSttefJiwQ?rel=0\" frameborder=\"0\" width=\"480\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><font size=\"4\">A very quick summary quiz on factors of production via <\/font><a href=\"http:\/\/www.dineshbakshi.com\/\"><font size=\"4\">http:\/\/www.dineshbakshi.com<\/font><\/a><font size=\"4\"> \u2013 <\/font><a href=\"http:\/\/www.dineshbakshi.com\/Basic-economic-problem\/Interactive-Revision-Quizzes\/classification-of-resources-match-up-quiz.html\" target=\"_blank\"><font size=\"4\">click here<\/font><\/a><\/p>\n<p><font size=\"4\">&#160;<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,13],"tags":[241,244,242,243,221],"class_list":["post-767","post","type-post","status-publish","format-standard","hentry","category-economics","category-igcse-economics","tag-economic-problem","tag-factors-of-prodcution","tag-needs-and-wants","tag-resources-2","tag-scarcity"],"_links":{"self":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts\/767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/comments?post=767"}],"version-history":[{"count":0,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts\/767\/revisions"}],"wp:attachment":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/media?parent=767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/categories?post=767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/tags?post=767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}