(a)[2]
Define what is meant by 'opportunity cost'.
(b)[3]
Explain two qualities an entrepreneur is likely to need to be successful.
Business 9609 · AS & A Level · Costs
Costs — practice question
Worked solution & mark scheme
This 5-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Full definition: The benefit/value/potential gain of the next best option/thing given up/not chosen (a clear statement of opportunity cost).” …
- Full mark scheme, point by point
- Step-by-step worked solution
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