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  1. Explain the economic problem of scarcity. [3 marks]

  2. Define the concept of opportunity cost. [3 marks]

  3. Distinguish, using examples, between the different factors of production. [6 marks]

  4. Discuss whether a country should conserve or use its natural resources. [8 marks]

  5. Explain, using examples, what is meant by the factor of production called land. [3 marks]

  6. Describe the nature of the economic problem. [4 marks]

  7. Using a production possibility curve, explain what is meant by opportunity cost. [6 marks]

  8. What is the difference between labor and enterprise [4 marks]

  9. Using a production possibility curve diagram, analyze the effect of a decrease in the supply of labor and enterprise on an economy. [5 marks]

  10. Explain why prices tend to be relatively stable in a non-collusive oligopoly.

  11. Low-lying areas of Bangladesh are prone to flooding each year. Crops are lost and thousands of people lose their homes. During times of severe flooding, roads and railways are damaged and farmers find it impossible to get their dwindled crops to market.

    1.  Draw a PPC diagram to show the impact of flooding on the productive capacity of Bangladesh. (4)

    2.  On the diagram, draw a point where some of the factors of production will be idle 

    3. On the diagram, draw and label a point that is unattainable. (1)

  12. These are the productive activities and goods and services which are created using resources

  13. Human desires for goods and services. They are unlimited. A way of expressing a basic requirement for survival

  14. Trade-in goods and services between producers and consumers. People can satisfy some of their wants by producing a number of goods and services for their own consumption. In order to obtain the goods and services they cannot produce themselves they must engage in trade or _________. Most people are able to do this by going to work to earn money. They then do this with the money for the goods and services they want that are produced by other workers

  15. The dollar value of all goods and services and structures produced within a country in a year..........................

  16. These are actions that are produced through labor.........................

  17. What is the difference between a need and a want?

  18.  What is meant by the basic economic problem?

  19. How is the term 'opportunity cost' defined?

  20. What factors of production are required to construct a road?

  21.  How would a firm producing running shoes answer the three basic economic questions?

  22. What are the three sectors of industry?

  23.  What is meant by productive capacity?

  24.  What is a production possibility curve used to show?

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