Gce Model Questions Vol1 2019 Economics Question 1

Practice essay / theory question 1 from the 2019 Gce Model Questions Vol1 Economics examination. This question covers Scarcity, Opportunity Cost, Needs vs Wants, Mixed Economy .

Gce Model Questions Vol1 2019 Economics Essay / Theory

Topics: Scarcity Opportunity Cost Needs vs Wants Mixed Economy

Question 1 GCE_MODEL_QUESTIONS_VOL1 • 2019 • ECONOMICS • essay

The Nigerian economy exhibits features of both a market system and a command system. Using this context, answer the following.

Question Parts

( a )

Define the concept of scarcity and explain why it is the fundamental problem that underlies all economic decision‑making.

( b )

Distinguish between ‘needs’ and ‘wants’ and give one example of each that is relevant to a typical Nigerian household.

( c )

Discuss how the concept of opportunity cost influences the allocation of resources in a mixed economy like Nigeria’s.

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About This Question

This is Gce Model Questions Vol1 2019 Economics Question 1. It is one of the essay questions from the 2019 Gce Model Questions Vol1 Economics examination.

The question covers Scarcity, Opportunity Cost, Needs vs Wants, Mixed Economy .

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