Basic Problems of An Economy — Chapter Summary
ICSE · Class 9 · Economics
Summary of Basic Problems of An Economy for ICSE Class 9 Economics. Part of the ICSE Class 9 Economics syllabus.
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Overview
Resources are the materials available in the environment that help satisfy needs and wants. An economy faces a basic problem because human wants are unlimited while resources are limited and have alternative uses. This leads to the need for choice, efficient use of resources, and decisions about wha
Key Concepts
Resources are all the materials available
Resources are all the materials available in the environment which help satisfy needs and wants. They may or may not have economic value, but they are
Natural resources are the contribution
Natural resources are the contribution of nature. They are classified by origin into biotic and abiotic resources, by exhaustibility into renewable an
Biotic resources are obtained from living
Biotic resources are obtained from living beings. Vegetation, birds, domestic animals, wildlife, and humans are examples. Humans are also called human
Abiotic resources are non
Abiotic resources are non-living things such as air, water, land or soil, rocks, and minerals in the Earth’s crust.
Renewable resources do not get exhausted
Renewable resources do not get exhausted with use and are replenished by natural processes. They are also called flow resources. Air, water, sunlight,
Learning Objectives
- Understand the meaning of resources and their main types.
- Explain why the economic problem arises.
- Identify the three central problems of an economy.
- Distinguish between different kinds of natural resources.
- Understand how resources are used efficiently in production and distribution.
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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