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Unit 1 - Introduction to Economics

1.1 Main economic groups and factors of production

  • explain the role of the main economic groups: consumers, producers and the government, including their interdependence
  • explain the factors of production: land, labour, capital and enterprise, including how they might be combined

1.2 The basic economic problem

  • explain what is meant by scarce resources and unlimited wants
  • explain the economic problem, including the questions of how resources should be allocated, what, for whom and how goods and services should be produced
  • explain what is meant by opportunity cost
  • evaluate the costs and benefits of economic choices, including the impact on economic, social and environmental sustainability

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