Capital intensive production

Great clip from the BBC
http://www.bbc.co.uk/news/technology-36649673

Economic problems examples

http://www.economicshelp.org/blog/15276/economics/examples-of-economic-problems/

Unit 1: The economic problem: Who gets the goods produced

An interesting solution to scarce resources in Venezuela; fingerprinting(!) reports the BBC
http://www.bbc.co.uk/news/world-latin-america-28893383#

Unit 1: The economic problem: Unlimited wants in health care

NICE's decision not to finance a new cancer drug highlights the basic economic problem


http://news.sky.com/story/1315056/breast-cancer-drug-too-expensive-for-nhs
http://www.bbc.co.uk/news/health-28701630#

Unit 1: The economic problem: Heart surgery in Wales

This BBC clip shows scarce resources and unlimited wants

http://www.bbc.co.uk/news/uk-wales-23996475#

Unit 1: The opportunity cost of the Meningitis B vaccine

The rejection of the meningitis B vaccine  for the UK highlights many basic issues in economics, scarce resources, unlimited wants, choices, opportunity cost, the validity of data.........

http://www.bbc.co.uk/news/uk-23437251# video
http://www.bbc.co.uk/news/health-23422973# article

Unit 1: Snowfall and the economic problem

Thanks to tutor2u for this post illustrating the economic problem

http://www.tutor2u.net/blog/index.php/economics/comments/bad-snow-fall-in-london/

Unit 1: Needs and wants

A clear distinction between needs and wants from economics help

http://rapidrevision.co.uk/economics-student/2009/09/03/faq-what-are-wants-and-needs/

Unit 1: The Economic Problem; a summary

A good summary of the introductory ideas from the AS syllabus from the Economics Help blog

http://www.economicshelp.org/2008/09/economics-and-scarce-resources.html

Unit 1: Opportunity cost in the NHS

This BBC video clip and asociated article shows how NICE has to make choices on which drugs the NHS can be prescribed

http://news.bbc.co.uk/1/hi/health/7579495.stm video
http://news.bbc.co.uk/1/hi/health/7579422.stm article

More on the story can be found at

http://news.bbc.co.uk/1/hi/health/7546572.stm

a) What is meant by opportunity cost?
b) How does this decision by NICE illustrate the economic problem and the concept of opportunity cost?
c) Using a PPC, show the choices open to NICE