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The Economic Problem and its Perpetual Existence

Question

Explain the economic problem and why it is always likely to exist.

Category:

Microeconomics

CIE IGCSE/O Level October/November 2022 -

Preview Answer

Here's an outline for an essay on the perpetuity of the economic problem⬅:

I. Introduction
A. Definition of the economic problem and its significance in economics
B. Explanation of the objective of the essay to explore the perpetuity of the economic problem
C. Thesis statement highlighting the factors contributing to the ongoing existence of the economic problem

II. Finite Nature of Resources
A. Explanation of the limited availability of resources such as land, labor, capital, and natural resources
B. Discussion of the concept of scarcity and its role in the economic problem
C. Analysis of how the finite nature of resources necessitates choices and trade-offs

III. Insatiable Human Wants
A. Explanation of how human wants and desires are unlimited and constantly expanding
B. Examination of factors such as evolving lifestyles, technology, and societal aspirations that contribute to the growth of wants
C. Analysis of how the insatiable nature of human wants perpetuates the economic problem

IV. Population Growth
A. Discussion of the ongoing increase in global population
B. Analysis of how population growth intensifies the demand for resources
C. Examination of the challenges posed by an expanding population in meeting the needs and wants of individuals

V. Technological Advancements and Changing Preferences
A. Evaluation of the impact of technological advancements on the economic problem
B. Analysis of how technology drives the expansion of wants and the creation of new desires
C. Examination of the influence of changing preferences and consumer expectations on the perpetuity of the economic problem

VI. Conclusion
A. Summary of the main points discussed in the essay
B. Restatement of the factors contributing to the ongoing existence of the economic problem
C. Closing thoughts on the implications and potential solutions to address the economic problem in light of its perpetuity

Remember to provide evidence, examples, and data to support your arguments throughout the essay. Structure your essay logically, with a clear introduction, body paragraphs that present and support your arguments, and a concise conclusion that summarizes your main points. Use economic terminology accurately and ensure clarity, coherence, and proper grammar and spelling in your writing.

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