Skip to main content
Super TutorResources
Chapter 5 of 13
Syllabus

Basic Problems of An Economy — Syllabus

ICSE · Class 9 · Economics

What Basic Problems of An Economy covers in ICSE Class 9 Economics: 3 topics, for the 2026-27 session. Part of the ICSE Class 9 Economics syllabus.

67 questions48 flashcards5 concepts

Interactive on Super Tutor

Studying Basic Problems of An Economy? Get the full interactive chapter.

Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for syllabus and more.

Try Super Tutor — Free

Free trial, no card needed.

3 Topics · ICSE Class 9 Economics · 2026-27

Topics in Basic Problems of An Economy

1

1. Resources and Their Types

  • Resources are all the materials available in the environment that help satisfy needs and wants.
  • Resources may or may not have economic value, but if they satisfy wants, they are resources.
  • Resources are generally classified into natural, man-made, and human resources.
2

2. Economic Problem and Its Causes

  • The economic problem is the problem regarding the allocation of resources to produce alternative goods and services.
  • The basic economic problem is the problem of relative scarcity and choice.
  • The economic problem is the problem of choice and lies at the root of all problems of an economy.
3

3. Central Problems of an Economy

  • The compulsion of making choices before societies is referred to as central problems.
  • There are three central problems common to all economies: what to produce, how to produce, and for whom to produce.
  • The problem of what to produce has two aspects: which commodities to produce and how much of them to produce.

Key Concepts

Central concept: Scarcity, choice, and the allocation of resources in an economy

ResourcesNatural resourcesEconomic problemCentral problems of an economyEfficient use of resourcesEconomic systemsFactors of productionLionel Robbins

Work through every topic in Basic Problems of An Economy with notes and quizzes

Start This Chapter

Frequently Asked Questions

What are the important topics in Basic Problems of An Economy for ICSE Class 9 Economics?
Key topics in Basic Problems of An Economy include Resources and Their Types, Economic Problem and Its Causes, Central Problems of an Economy. Study these first, then practise questions on each for Class 9 exams.
How should I revise Basic Problems of An Economy for Class 9 exams?
Learn the core ideas first, then work through the 67 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.

More resources for Basic Problems of An Economy

All ICSE Class 9 Economics Syllabus

For serious students

Get the full Basic Problems of An Economy chapter — start free.

Quizzes, flashcards, an AI doubt solver and a study plan for ICSE Class 9 Economics. Free to start, no card needed.

Try Super Tutor Free
Try this chapter free