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Economics IGCSEPDF 6
118 pagesrevision 46932
PDF 6
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Q:
Mark Scheme:
•A good that has no opportunity cost (1).
•A good that takes no resources/factors of production to produce / naturally abundant in supply
/does not use scarce resources (1).
Mark Scheme:
The economic problem is:
Why it always exists:
Multiple Choice Questions (MCQs)
Q1:
Which combination oftermsgives the general definition of the economic problem?
A) bigger families, less food, starvation
B) falling supply, rising demand, shortage
C) higher population, fewer jobs, unemployment
D) limited resources, unlimited wants, scarcity
ANS-D
•
finite / limited resources (1) AND infinite / unlimited wants / wants
exceed resources(1).
•
because resources (factors of production) will always be limited
(scarce) (1)inrelation to theever-growing/unlimited wants of the people/society (1).
• Alternatively, allow Scarcity (1) as a definition for the economic problem.
Defineafreegood. [2]