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Cambridge IGCSE Economics practice

Paper 2 structured question: Opportunity cost

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Opportunity cost

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Paper 2Structured Questions4 marks

Impact of opportunity cost on consumer choices.

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Consumer Choices and Opportunity Cost

Consumers often face choices between different goods and services. The opportunity cost of a choice is the satisfaction lost from not choosing the next best alternative.

  1. a

    Explain how opportunity cost affects consumer decisions.

    Aim for approximately 4 distinct marking points.

    [4]

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Paper 2 structured question: Opportunity cost

Paper 2Structured Questions1 marks

Description

Opportunity Cost in Resource Allocation

In an economy, resources are limited, and choices must be made about how to allocate them effectively. Each choice comes with an opportunity cost, which is the value of the next best alternative that is not chosen.

  1. a

    State the definition of opportunity cost.

    Aim for approximately 1 distinct marking point.

    [1]