Gce Model Questions Vol1 2021 Economics Question 1

Practice essay / theory question 1 from the 2021 Gce Model Questions Vol1 Economics examination. This question covers Scarcity, Wants and needs, Opportunity cost .

Gce Model Questions Vol1 2021 Economics Essay / Theory

Topics: Scarcity Wants and needs Opportunity cost

Question 1 GCE_MODEL_QUESTIONS_VOL1 • 2021 • ECONOMICS • essay

Answer the following questions on basic economic concepts.

Question Parts

( a )

Define scarcity and explain how it creates the need for economic choice.

( 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 decision that a small‑holder farmer in northern Nigeria might face.

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About This Question

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

The question covers Scarcity, Wants and needs, Opportunity cost .

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