Economics 9708 · AS & A Level · Resource allocation in different economic systems
Explain the functions of price, enterprise and profit in a free market economy.
Discuss whether an outward shift in an economy’s production possibility curve is more likely to happen in a free market economy or a centrally planned economy.
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Knowledge and understanding of how price, enterprise and profit operate in a free market economy.” …