Gce Model Questions Vol1 2017 Economics Question 1

Practice essay / theory question 1 from the 2017 Gce Model Questions Vol1 Economics examination. This question covers Scarcity, Wants and Needs, Opportunity Cost .

Gce Model Questions Vol1 2017 Economics Essay / Theory

Topics: Scarcity Wants and Needs Opportunity Cost

Question 1 GCE_MODEL_QUESTIONS_VOL1 • 2017 • ECONOMICS • essay

Consider a closed economy where resources are scarce and choices must be made. Answer the following.

Question Parts

( a )

Define scarcity and explain why it is the fundamental problem that gives rise to economics.

( b )

Distinguish between wants and needs, giving two examples of each that are relevant to households in Nigeria.

( c )

Explain the concept of opportunity cost and illustrate it with a farmer who must decide whether to plant maize or cassava on a hectare of land.

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About This Question

This is Gce Model Questions Vol1 2017 Economics Question 1. It is one of the essay questions from the 2017 Gce Model Questions Vol1 Economics examination.

The question covers Scarcity, Wants and Needs, Opportunity Cost .

View More Gce Model Questions Vol1 2017 Economics Questions More Gce Model Questions Vol1 Practice Questions Back to Questions

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