Neco 2021 Economics Question 1

Practice essay / theory question 1 from the 2021 Neco Economics examination. This question covers Basic Economic Concepts .

Neco 2021 Economics Essay / Theory

Topic: Basic Economic Concepts

Question 1 NECO • 2021 • ECONOMICS • essay

Consider a small rural community that relies on farming and fishing for its livelihood. The community has a fixed amount of land, labour and capital each week.

Question Parts

( a )

Define the term "economic problem" and explain how it arises in the given community.

( b )

Identify two scarce resources in the community and discuss the opportunity cost associated with allocating each of them to either farming or fishing.

( c )

The community decides to allocate 60% of its available labour hours to farming and the remaining to fishing. If the total labour hours available per week are 200, calculate the number of labour hours devoted to each activity and discuss one potential economic implication of this allocation choice.

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About This Question

This is Neco 2021 Economics Question 1. It is one of the essay questions from the 2021 Neco Economics examination.

The question covers Basic Economic Concepts .

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