0455.1.1.1 — finite resources and unlimited wants Definition and examples of the economic problem in the contexts of: consumers; workers; producers; and : past paper questions
Real questions on 0455.1.1.1 — finite resources and unlimited wants definition and examples of the economic problem in the contexts of: consumers; workers; producers; and
The newest 20 of 23 written questions. Open one to see it on the real paper.
- 0455/22 · February/March 2026 · Q2a[2]
State why the economic problem exists.
See it on the paper → - 0455/12 · October/November 2024 · Q1[1]
Which economic question is least likely to arise as a result of scarcity?
See it on the paper → - 0455/12 · May/June 2024 · Q1[1]
Why will scarcity always exist? There are high costs of production. There are low levels of education. There are unlimited resources. There are unlimited wants.
See it on the paper → - 0455/22 · February/March 2024 · Q4a[2]
Define a shortage.
See it on the paper → - 0455/11 · October/November 2023 · Q1[1]
Economists describe resources as being ‘scarce’. What must be a consequence of scarce resources?
See it on the paper → - 0455/12 · October/November 2023 · Q2[1]
The economy of country X is always on its production possibility curve (PPC). When will the goods and services produced by country X become more scarce?
See it on the paper → - 0455/21 · October/November 2023 · Q1a[1]
the total number of people in Cambridge aged 18–29 in 2019.
See it on the paper → - 0455/22 · October/November 2023 · Q1a[1]
what percentage of Honduran people did not have access to electricity in 2020.
See it on the paper → - 0455/11 · May/June 2023 · Q1[1]
What is the cause of scarcity in an economy?
See it on the paper → - 0455/12 · May/June 2023 · Q1[1]
What is part of the economic definition of scarcity?
See it on the paper → - 0455/22 · February/March 2023 · Q5b[4]
Explain how the economic problem results in consumers having to make choices.
See it on the paper → - 0455/22 · October/November 2022 · Q2b[4]
the economic problem and why it is always likely to exist.
See it on the paper → - 0455/22 · February/March 2022 · Q5a[2]
Define the economic problem.
See it on the paper → - 0455/11 · October/November 2021 · Q1[1]
To help reduce the price of oil, new supplies are needed. However, objectors oppose exploration of new sites because of the environmental damage it may cause. Why is this statement an example of the basic economic problem?
See it on the paper → - 0455/12 · October/November 2021 · Q1[1]
To help reduce the price of oil, new supplies are needed. However, objectors oppose exploration of new sites because of the environmental damage it may cause. Why is this statement an example of the basic economic problem?
See it on the paper → - 0455/21 · October/November 2021 · Q3a[2]
Define finite resource.
See it on the paper → - 0455/22 · May/June 2021 · Q2a[2]
Identify two basic necessities, other than housing.
See it on the paper → - 0455/11 · October/November 2020 · Q1[1]
What is the basic economic problem?
See it on the paper → - 0455/23 · May/June 2020 · Q1a[1]
Calculate the total number of people over 60 years old in Greece in 2015.
See it on the paper → - 0455/11 · October/November 2019 · Q11[1]
A musician has a choice of playing for an orchestra in either Germany or England. Which combination of incomes and cost of living is most likely to cause her to choose the German orchestra?
See it on the paper →
What examiners said
Comprehensive responses • Many candidates clearly stated that the economic problem exists because ‘unlimited/infinite wants exceeded limited/finite resources’, using accurate terminology. Limited responses • Some candidates only identified one side of the economic problem, such as ‘unlimited wants or finite resources’. • A few candidates gave vague or incorrect ideas such as references to ‘unempl...
— Examiner report, February/March 2026, 0455/22 Q2(a) (Cambridge)
This was well-answered in terms of finite resources and infinite wants. However, not all candidates related the points they made to the economic problem specifically to consumers.
— Examiner report, February/March 2023, 0455/22 Q5(b) (Cambridge)
Most candidates recognised the nature of the economic problem and wrote about limited resources, unlimited wants and scarcity. Not all went on to explain why this situation will always occur. A small proportion of candidates wrote about an economic problem that an economy may be facing such as inflation. Careful reading of the stem should have avoided this problem.
— Examiner report, October/November 2022, 0455/22 Q2(b) (Cambridge)
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