A-LevelEconomicsBasic economic ideas and resource allocation9708/12 · Feb/Mar 2017 · Q11 Mark
The diagram is from a chapter on ‘The Economic Problem' in an Economics textbook. It should contain the terms opportunity cost, scarcity and choice in the order that identifies the economic problem. [Diagram] What is the correct order for the terms to appear in the diagram?
This question uses a diagram from the original paper, which isn't shown here. Open the full paper from the past papers archive to see it.
Achoice → opportunity cost → scarcity
Bchoice → scarcity → opportunity cost
Cscarcity → choice → opportunity cost
Dscarcity → opportunity cost → choice
✓ Correct answer
C: scarcity → choice → opportunity cost
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