Cambridge IGCSE Economics practice

Paper 2 structured question: The nature of the economic problem

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Paper

Marks

Topic

The nature of the economic problem

Exam-style question

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Paper 2Structured Questions3 marks

Resource management in economics.

Description

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

a
Explain the implications of scarcity for economic goods.
Your answer
Aim for approximately 3 distinct marking points.
[3]

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Paper 2Structured Questions1 marks

Description

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

a
State the difference between economic goods and free goods.
Your answer
Aim for approximately 1 distinct marking point.
[1]