Neco 2018 Economics Question 1

Practice essay / theory question 1 from the 2018 Neco Economics examination. This question covers Scarcity, Opportunity Cost, Choice, Marginal Analysis .

Neco 2018 Economics Essay / Theory

Topics: Scarcity Opportunity Cost Choice Marginal Analysis

Question 1 NECO • 2018 • ECONOMICS • essay

A small rural community in Nigeria faces limited resources for agricultural production. Using this context:

Question Parts

( a )

Define scarcity and explain why it forces individuals and societies to make choices.

( b )

Define opportunity cost and illustrate it with an example of a farmer who must decide between planting maize or cassava on a 2‑hectare plot.

( c )

Explain how marginal analysis can help the farmer decide which crop to plant in order to maximise profit.

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About This Question

This is Neco 2018 Economics Question 1. It is one of the essay questions from the 2018 Neco Economics examination.

The question covers Scarcity, Opportunity Cost, Choice, Marginal Analysis .

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