IGCSE/GCSE/O & A Level/IB/University Student Forum
Qualification => Subject Doubts => GCE AS & A2 Level => Commerce => Topic started by: sjerads on April 10, 2010, 12:30:43 am
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Explain the link between the basic economic problem of scarcity and opportunity costs [8 marks]
Discuss whether planning has any role to play in the allocation of resources in a modern, mixed economic system. [12 marks]
Please someone help me with this.
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hey here we need to take lot of care while writing the answer:
Aa)First u need to explain d meaning of basic econmoic problem, den Expalin what is scarcity -Scarcity is occured when the wants of people are not fulfilled den need to explain d what is opportunity cost : The cost of the best forgone. My answers r short but u can right according 2 your text book.The use examples to convey your point.Present examples . this can fetch u 6-7 marks.
Ab) Here u need to explain what is mixed economy. Dat its is d mixture of both market and command economy. Den right the adv/ this advantages of mixed economy .till here u can fetch 6-8 marks. Then tell d importance of allocation of resources and if not done market failure can happen. So planning have 2 be done.
this can be d the answers.