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2 marksFoundations of Economics and Economic Agents

CSEC Economics · May/June 2012 · Paper 2 · Question 1(a)

Section I consists of four compulsory questions covering foundations of economics, market structures, international trade, and macroeconomics.

Define the term 'Economics'.

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Other parts of this question

  1. 1(b)List the THREE main components of an economy.[3 marks]
  2. 1(c)Explain TWO factors that a consumer has to take into account before buying a good.[6 marks]
  3. 1(d)Using a diagram of a production possibility curve, explain how opportunity cost can be illustrated.[4 marks]

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