Quelpr
5 marksScarcity, Choice, and Opportunity Cost

CSEC Economics · May/June 2013 · Paper 2 · Question 8(d)

Discuss how scarcity, choice, and opportunity cost apply to a university graduate spending their first paycheck on a shopping trip.

The mark scheme is shown once you've answered.

Practise this question

Other parts of this question

  1. 8(a)(i)Define 'efficiency'.[2 marks]
  2. 8(a)(ii)Define 'wants'.[2 marks]
  3. 8(b)List THREE examples of societal needs.[3 marks]
  4. 8(c)(i)Using a diagram, explain the effect of widespread unemployment on the production possibility curve of a nation producing bananas and sugar cane.[4 marks]
  5. 8(c)(ii)Using a diagram, explain the effect of government investment in a new fertilizer that benefits only banana yields on the country's production possibility curve.[4 marks]

More practice: the rest of this paper · more Scarcity, Choice, and Opportunity Cost questions · all CSEC Economics past papers