A-LevelEconomicsBasic Economic Ideas and Resource AllocationOct/Nov 2013Paper 1 Q11 Mark
'From the age of twelve I made a living by buying towels, needles, shampoo and re-selling them as a street vendor. Now, I run three hotels in Hanoi' - Duong Than Binh. Which factors of production are likely to be involved in the above events?
Aland only
Bland and labour only
Cland, labour and capital only
Dland, labour, capital, enterprise
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The correct answer is D. This question tests the candidate's understanding of basic economic ideas and resource allocation within the Economicssyllabus. The examiner's mark scheme requires...
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Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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