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Other Units in OCR Economics
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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
