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4 marksScarcity, Choice, and Opportunity Cost

CSEC Economics · May/June 2017 · Paper 2 · Question 1(d)

An individual's disposable income has increased. The choice for the individual arises from the equation Y = C + S.

Explain these choices.

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Other parts of this question

  1. 1(a)Define the term 'opportunity cost'.[2 marks]
  2. 1(b)List THREE groups that make choices in an economy.[3 marks]
  3. 1(c)With the aid of a diagram, explain how a production possibility frontier shows increasing opportunity cost.[6 marks]

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