Central Economic Problem
What is scarcity?
The central economic problem refers to the fundamental issues facing the concept of Economics. One such issue is the problem of scarcity where there is insufficient resources to meet all human wants and needs. Essay questions of this topic tend to focus on description of scarcity and diagram illustrations of PPC, and may also include Macroeconomics knowledge like Theory of Comparative Advantage.
Economics Tuition: Using the Production Possibility Curve, explain how an increase in government spending contributes to economic growth
Economic growth refers to the growth of production, seen in terms of actual and potential production capacity. Actual economic growth, also known as short term growth, is commonly measured in terms of a percentage change in the real Gross Domestic Product (GDP). The...read more