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Economics Resources

Central Economic Problem

  • Describe the basis of resource allocation in a planned economy.
  • Explain the relationship between scarcity, choice and opportunity cost.
  • What are the economic characteristics of command and market economics?
  • Is it best to leave the allocation of goods and labour to the price mechanism?
  • Explain what is meant by a market economy and consider to which it is an accurate description of your country‚Äôs economy.
  • Discuss the economic problems that are likely to occur as a country moves from central planning towards a market economy.
  • How can economic analysis be used to help attain an efficient allocation of resources in an economy?
  • Explain what is meant by the problem of scarcity and assess whether the use of economics can solve the problem.
  • What is meant by the basic economic problem of scarcity?
  • Using the production possibilities curve and relevant examples, explain the concepts of scarcity, choice and opportunity cost.

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