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Explain what is meant by a “‘finite’ resource” and why it may be bad for business

So this would be a 9 marker in the new spec, I have the general costs becoming higher argument any others you guys can think of?
Reply 1
Avatar for jpt4749
jpt4749
14
Finite or scarce resources imply that firms with exclusive access to valuable inputs can benefit from having comparative advantage over others. In other words the scarce resources represent barrier to entry for some new entrants who have a little information or insights about the business.
Thats perfect you only need two points on the 9 markers, thanks guys
Reply 3
Avatar for JT_888
JT_888
20
Original post by Dreamville1
So this would be a 9 marker in the new spec, I have the general costs becoming higher argument any others you guys can think of?


You just need to understand that we have infinite (unlimited) wants and finite (scarce/limited) resources and all you need to do for 9 marks is to develop a chain of reasoning (a structured explanation) as to how that might be bad for businesses.
I do this years AQA one.
Luckily, it's much easier than the new spec
Original post by Boss_Rhythm
I do this years AQA one.
Luckily, it's much easier than the new spec


lucky you haha, what did you get?

Original post by CoffeeAndPolitics
You just need to understand that we have infinite (unlimited) wants and finite (scarce/limited) resources and all you need to do for 9 marks is to develop a chain of reasoning (a structured explanation) as to how that might be bad for businesses.


Sure I understood that, Wasnt sure one point would be enough for the full 9 marks though. Thanks for the advice mate
Reply 6
Avatar for JT_888
JT_888
20
Original post by Dreamville1

Sure I understood that, Wasnt sure one point would be enough for the full 9 marks though. Thanks for the advice mate


You would probably need 2-3 well developed chains of reasoning to get the full 9 marks. Apologies for not being clear.
Original post by Dreamville1
lucky you haha, what did you get?


Haven't got my results yet lol
The exam is on wednesday
Hoping for the A* tho! :biggrin:
Original post by Boss_Rhythm
Haven't got my results yet lol
The exam is on wednesday
Hoping for the A* tho! :biggrin:


Oh so you still do the old spec, goodluck im hoping the same lol :h:
Original post by CoffeeAndPolitics
You would probably need 2-3 well developed chains of reasoning to get the full 9 marks. Apologies for not being clear.


No need to apologise, I thought 2-3 chains was enough good to have clarification. Are you doing a level econ too?
Original post by Dreamville1
Oh so you still do the old spec, goodluck im hoping the same lol :h:


Yup, still do the old spec
Looking much easier than the new one
Original post by Boss_Rhythm
Yup, still do the old spec
Looking much easier than the new one


Some areas are harder tbf but ngl I would rather do 3 exams not 4 like you guys
Original post by Dreamville1
Some areas are harder tbf but ngl I would rather do 3 exams not 4 like you guys


I do 2 exams and coursework :biggrin:
CW?! thats weird lol I thought you had units 1-4
Original post by Boss_Rhythm
I do 2 exams and coursework :biggrin:
Original post by Dreamville1
CW?! thats weird lol I thought you had units 1-4


Nah just units 1 and 2 and coursework
Original post by Boss_Rhythm
Nah just units 1 and 2 and coursework


thats mad lool well good luck man you got two days left
Original post by Dreamville1
thats mad lool well good luck man you got two days left


Yup, thanks good luck in your exams for the future

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