Waec Model Questions Vol1 2020 Economics Question 1

Practice essay / theory question 1 from the 2020 Waec Model Questions Vol1 Economics examination. This question covers Scarcity, Opportunity Cost, Marginal Analysis, Resource Allocation .

Waec Model Questions Vol1 2020 Economics Essay / Theory

Topics: Scarcity Opportunity Cost Marginal Analysis Resource Allocation

Question 1 WAEC_MODEL_QUESTIONS_VOL1 • 2020 • ECONOMICS • essay

Scarcity is the fundamental problem facing every economy. Explain how scarcity forces individuals, firms and the government to make choices and allocate resources.

Question Parts

( a )

Define opportunity cost and illustrate the concept with a realistic example from a Nigerian household.

( b )

Explain the role of marginal analysis in making economic decisions, giving one example related to a small business.

( c )

Discuss how scarcity influences the allocation of resources in a mixed economy such as Nigeria.

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About This Question

This is Waec Model Questions Vol1 2020 Economics Question 1. It is one of the essay questions from the 2020 Waec Model Questions Vol1 Economics examination.

The question covers Scarcity, Opportunity Cost, Marginal Analysis, Resource Allocation .

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