CSEC Economics · May/June 2008 · Paper 2 · Question 8(d)
Suggest TWO reasons why the concept of 'scarcity and choice' is important for individuals making economic decisions.
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Practise this questionOther parts of this question
- 8(a)(i)Define the term 'economics'.[2 marks]
- 8(a)(ii)Define the term 'production possibility frontier'.[2 marks]
- 8(b)Identify THREE factors that will cause an outward shift in the production possibility frontier.[3 marks]
- 8(c)(i)Explain ONE factor that will cause the production possibility curve to move inward.[2 marks]
- 8(c)(ii)Using a production possibility frontier, explain the concepts of 'opportunity cost' and 'efficiency'.[6 marks]
More practice: the rest of this paper · more Scarcity, Choice, and Opportunity Cost questions · all CSEC Economics past papers