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

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Dreamville1
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#1
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#1
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?
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jpt4749
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#2
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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.
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Dreamville1
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Thats perfect you only need two points on the 9 markers, thanks guys
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JT_888
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(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.
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Boss_Rhythm
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I do this years AQA one.
Luckily, it's much easier than the new spec
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Dreamville1
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#6
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(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
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JT_888
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#7
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(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.
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Boss_Rhythm
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#8
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(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!
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Dreamville1
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(Original post by Boss_Rhythm)
Haven't got my results yet lol
The exam is on wednesday
Hoping for the A* tho!
Oh so you still do the old spec, goodluck im hoping the same lol
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Dreamville1
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#10
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#10
(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?
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Boss_Rhythm
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#11
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(Original post by Dreamville1)
Oh so you still do the old spec, goodluck im hoping the same lol
Yup, still do the old spec
Looking much easier than the new one
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Dreamville1
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#12
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(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
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Boss_Rhythm
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#13
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#13
(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
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Dreamville1
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#14
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#14
CW?! thats weird lol I thought you had units 1-4
(Original post by Boss_Rhythm)
I do 2 exams and coursework
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Boss_Rhythm
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(Original post by Dreamville1)
CW?! thats weird lol I thought you had units 1-4
Nah just units 1 and 2 and coursework
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Dreamville1
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#16
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#16
(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
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Boss_Rhythm
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#17
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#17
(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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