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SingaporeEconomicsQuick questions
The Central Economic Problem
Quick questions on Scarcity, choice and opportunity cost explained: H2 Economics
4short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What are unlimited wants meet limited resources?Show answer
Human wants are effectively unlimited: satisfy one and another appears. The resources available to satisfy them are limited. Economists group these resources into four factors of production:
What is q1?Show answer
Define opportunity cost and give one example for a firm. [2 marks]
What is q2?Show answer
Explain why scarcity exists even in a high-income economy. [3 marks]
What is q3?Show answer
A person attends a free public lecture. Explain why the lecture is not costless. [2 marks]
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