Economics 9708 · AS & A Level · Scarcity, choice and opportunity cost

Scarcity, choice and opportunity cost — practice question

(a)[8]

Explain the three economic questions that all economies face because of the basic economic problem.

(b)[12]

Discuss whether the price mechanism is an effective way to solve the basic economic problem.

Worked solution & mark scheme

This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Understanding of how widespread scarcity is” …

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