AL Economics｜A* Tutor

🧿To understand that the central purpose of economic activity is the production of goods and services to satisfy needs and wants.

🧿To understand the three key economic decisions are what, how and for whom to produce goods and services.

🧿To understand the economists classification of economic resources into the factors of production

🧿To understand that there are renewable and nonrenewable resources

🧿To understand that the environment is a scarce resource

🧿To understand that the fundamental economic problem is scarcity, that results from limited resources and unlimited wants

🧿To understand that scarcity means that choices must be made about how scarce resources are allocated between competing uses

🧿To understand that choices have an opportunity cost.

🧿To understand how resources are allocated in free, mixed and centrally planned economies