Waec Model Questions Vol1 2021 Economics Question 1

Practice essay / theory question 1 from the 2021 Waec Model Questions Vol1 Economics examination. This question covers Scarcity, Opportunity Cost, Resource Allocation .

Waec Model Questions Vol1 2021 Economics Essay / Theory

Topics: Scarcity Opportunity Cost Resource Allocation

Question 1 WAEC_MODEL_QUESTIONS_VOL1 • 2021 • ECONOMICS • essay

A small community has only 500 litres of water available per day for domestic use. The community must decide how to allocate the water between two activities: (i) drinking and cooking, and (ii) irrigation of a communal garden.

Question Parts

( a )

Define scarcity and explain why it is a fundamental economic problem, using the water situation as an illustration.

( b )

Identify two opportunity costs that arise if the community decides to allocate part of the water to the garden instead of domestic use.

( c )

Discuss how understanding opportunity cost can help the community make an efficient allocation decision.

Detailed Solution & Marking Scheme

Get the step-by-step solution, key points required by examiners and detailed marking guidance through the Edcrib AI Tutor.

Reveal Answer

About This Question

This is Waec Model Questions Vol1 2021 Economics Question 1. It is one of the essay questions from the 2021 Waec Model Questions Vol1 Economics examination.

The question covers Scarcity, Opportunity Cost, Resource Allocation .

View More Waec Model Questions Vol1 2021 Economics Questions More Waec Model Questions Vol1 Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows

Chat with Support