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Cambridge IGCSE Economics practice

Paper 2 structured question: The nature of the economic problem

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Attempt questionThe nature of the economic problem revisionRevise the key idea

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The nature of the economic problem

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Paper 2Structured Questions1 marks

Understanding resource allocation in economics.

Description

Economic Goods and Free Goods

Economic goods are scarce resources that require allocation, while free goods are abundant and available without cost.

  1. a

    State the difference between economic goods and free goods.

    Aim for approximately 1 distinct marking point.

    [1]

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Paper 2 structured question: The nature of the economic problem

Paper 2Structured Questions3 marks

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Scarcity and Abundance

Economic goods are limited in supply and must be allocated, whereas free goods are plentiful and do not incur any cost.

  1. a

    Explain the implications of scarcity for economic goods.

    Aim for approximately 3 distinct marking points.

    [3]