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...Igcse economics the basic economic problem nature of an economy s finite resources are insufficient to satisfy all human wants needs can t meet infinite decide best allocation for society as a whole inputs available production g goods scarce that have opportunity costs eg clothing food sacrifice must be made obtain it money effort factors limited in supply free abundant resource has no cost seawater sunlight order attain purpose activity produce service provide become more efficient maximise welfare satisfaction identify what should produced how whom they isn just recorded monetary gain includes diy subsistence farming charity work barter illegal trade known building blocks used output creating farm farmland land farmer physical labour tools shovels tractors ploughs etc capital sale products exchange profit enterprise natural premises coal water forests minerals oil fixed quality soil type fertility weather mobility some geographically immobile others difficult not impossible many type...