logo

Cambridge IGCSE Economics practice

Paper 2 structured question: The role of markets in allocating resources

Try the question first, then check the answer and practise the same topic again.

Attempt questionThe role of markets in allocating resources revisionRevise the key idea

At a glance

2

Paper

3

Marks

Topic

The role of markets in allocating resources

Exam-style question

Try this first

Paper 2Structured Questions3 marks

The impact of price changes on resource allocation in the smartphone market.

Description

Smartphone Market Dynamics

With the introduction of new features, the demand for high-end smartphones has surged, causing a shift in production strategies among manufacturers.

  1. a

    Explain how the price mechanism affects resource allocation in the smartphone market.

    Aim for approximately 3 distinct marking points.

    [3]

0 of 1 part answered

Answer every part before opening the mark scheme.

Common mistake

No common mistake is linked to this question yet.

Related flashcards

Flashcard 1 of 6

Press Space to flip, arrows to move

Related practice questions

Question 1 of 5

Choose an answer, get feedback, then move sideways through the set.

0 of 4 attempted

Paper 2 structured question: The role of markets in allocating resources

Paper 2Structured Questions1 marks

Description

Market Changes for Electric Cars

As consumer preferences shift towards sustainable transportation, the demand for electric cars has increased. This has led to higher prices and more manufacturers entering the market.

  1. a

    State one effect of increased demand for electric cars on the market.

    Aim for approximately 1 distinct marking point.

    [1]