The economic problem The problem of scarcity Individuals, businesses and governments have unlimited wants but most resources are limited. This means that we have to make choices and it bases on personal preferences within the constraint of our income. Opportunity cost The best alternative that we give up when make a choice Trade-off Making balance between more or 2 choices rather than choosing a..

Edexcel GCE(A-level) Economic B 2019. 5. 9. 06:15