(a)[8]
Explain how an economic system functions.
(b)[12]
Discuss possible reasons why mixed economic systems have taken the place of most former planned economic systems.
Economics 9708 · AS & A Level · Resource allocation in different economic systems
Resource allocation in different economic systems — practice question
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “An economic system is the method through which a country deals with the basic economic problem. Because resources are limited and wants are unlimited, scarcity results and choices have to be made. The system enables the questions of what?, how?, and for whom? to be answered. It makes sure that resources are used to satisfy demands and that producers and consumers are satisfied. This can be achieved through the price system, state planning or a combination of the two.” …
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