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Basic Problems of an Economy — Flashcards

ICSE · Class 9 · Economic Applications

31 flashcards for Basic Problems of an Economy (ICSE Class 9 Economic Applications) to test yourself on key terms and facts.

45 questions31 flashcards5 concepts

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A diagram illustrating Lionel Robbins' scarcity definition, showing the relationship between unlimited wants, scarce resources with alternative uses, and the resulting problem of choice.
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31 Flashcards·
Economic problemScarcityCauses of economic problemFactors of productionScarcity of resourcesChoiceCentral problemsWhat to produce
Card 1Economic problem

What is the basic economic problem?

Answer

The basic economic problem is the problem of relative scarcity and choice. Human wants are unlimited, but resources are limited, so an economy must decide how to use available resources in the best po…

Card 2Scarcity

Define scarcity.

Answer

Scarcity is the situation when people's wants exceed their resources. It is the fundamental problem of every society and applies to rich and poor alike.

Card 3Causes of economic problem

Why does the economic problem arise?

Answer

The economic problem arises because of three facts: human wants are unlimited, resources are limited, and resources have alternative uses. These forces create the need to choose among different uses o…

Card 4Factors of production

What are factors of production?

Answer

Factors of production are the productive resources of a society: land, labour, capital and entrepreneurship. They are used to produce goods and services.

Card 5Scarcity of resources

Why are resources called scarce?

Answer

Resources are scarce because their supply is limited while human wants keep growing. Land is limited by area, labour by population, and capital and technology by the inputs needed to produce them.

Card 6Choice

What is meant by choice in economics?

Answer

Choice means giving up one thing in order to get another. Because resources are limited and can be used in different ways, every individual, family, and economy must choose what to satisfy now and wha…

Card 7Central problems

What are the three fundamental economic problems?

Answer

The three fundamental economic problems are: what to produce, how to produce, and for whom to produce. Every economy has to answer all three.

Card 8What to produce

What does 'what to produce' mean?

Answer

What to produce means deciding which commodities and services should be produced and in what quantities. It is a problem of resource allocation because resources must be divided among different goods …

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Frequently Asked Questions

What are the important topics in Basic Problems of an Economy for ICSE Class 9 Economic Applications?
Key topics in Basic Problems of an Economy include Economic Problem and Scarcity, Three Fundamental Economic Problems, Other Basic Problems, Economic Growth and Economic Development. Study these first, then practise questions on each for Class 9 exams.
How many flashcards are available for Basic Problems of an Economy?
There are 31 flashcards for Basic Problems of an Economy covering key definitions, facts and ideas. A few sample cards are shown on this page.
How should I revise Basic Problems of an Economy for Class 9 exams?
Learn the core ideas first, then work through the 45 practice questions on Basic Problems of an Economy. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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All ICSE Class 9 Economic Applications Flashcards

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