CSEC Economics · May/June 2014 · Paper 2 · Question 2(a)(i)
Define the term 'economic system'.
The mark scheme is shown once you've answered.
Practise this questionOther parts of this question
- 2(a)(ii)Define the term 'capital goods'.[2 marks]
- 2(b)Give ONE example of a capital item.[1 mark]
- 2(c)Explain TWO types of economies of scale gained when moving from operating a small food stall to a big restaurant.[6 marks]
- 2(d)(i)Calculate the average total cost (ATC) for an output level of 3 units.[2 marks]
- 2(d)(ii)Calculate the marginal cost for the 4th unit of output.[2 marks]
More practice: the rest of this paper · more Economic Systems and Business Operations questions · all CSEC Economics past papers