Neco Model Questions Vol1 2019 Economics Question 1

Practice essay / theory question 1 from the 2019 Neco Model Questions Vol1 Economics examination. This question covers Basic Economic Concepts .

Neco Model Questions Vol1 2019 Economics Essay / Theory

Topic: Basic Economic Concepts

Question 1 NECO_MODEL_QUESTIONS_VOL1 • 2019 • ECONOMICS • essay

Explain the concepts of scarcity, choice and opportunity cost, and illustrate how they are inter‑related using a simple example from a Nigerian household.

Question Parts

( a )

Define scarcity and explain why it is a fundamental economic problem.

( b )

Define opportunity cost and illustrate with an example involving a household decision.

( c )

Discuss how the concept of choice is linked to scarcity and opportunity cost in the example you gave.

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About This Question

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

The question covers Basic Economic Concepts .

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