Neco Model Questions Vol1 2025 Economics Question 1

Practice essay / theory question 1 from the 2025 Neco Model Questions Vol1 Economics examination. This question covers Basic Economic Concepts .

Neco Model Questions Vol1 2025 Economics Essay / Theory

Topic: Basic Economic Concepts

Question 1 NECO_MODEL_QUESTIONS_VOL1 • 2025 • ECONOMICS • essay

A senior secondary school student is studying the fundamental ideas that underpin economics.

Question Parts

( a )

Define "want" and "need" and explain why scarcity exists in an economy.

( b )

Explain the concept of opportunity cost and illustrate it with a realistic example involving a student choosing between studying for an exam and attending a paid part‑time job.

( c )

Discuss how the price mechanism helps allocate scarce resources in a mixed economy, mentioning at least two ways in which prices convey information to producers and consumers.

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About This Question

This is Neco Model Questions Vol1 2025 Economics Question 1. It is one of the essay questions from the 2025 Neco Model Questions Vol1 Economics examination.

The question covers Basic Economic Concepts .

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