IB Economics SL 1.1.2 The problem of choice Question Bank
Practise IB Economics SL 1.1.2 by explaining scarcity, opportunity cost and the choices faced by households, firms and governments.
- Syllabus
- First assessment 2022
- Course
- Economics SL
- Level
- SL
Exam points
- Define scarcity and opportunity cost using the resources and choice described in a case study.
- Explain how servicing debt or allocating resources creates an opportunity cost for an economy.
- Apply the concept of choice to a household, firm or government decision using the evidence given.
1.1.2—The problem of choice question 1
[Maximum number: 2]
Study the extract and data below and answer the questions that follow.
Extract 1
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Extract 2
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Define the term entrepreneurship indicated in bold in the text (paragraph (4).
Define the term entrepreneurship indicated in bold in the text (paragraph (4)).
Level ..... Marks
0 The work does not reach a standard described by the descriptors below. ..... 0
1 Vague definition. ..... 1
For stating that an entrepreneur carries out any one of the following
tasks:
- starting up a business
- employing/organizing/managing resources or factors of production
- risk taking.
2 Accurate definition. ..... 2
For stating that an entrepreneur carries out any two of the following tasks:
- starting up a business
- employing/organizing/managing resources or factors of production
- risk taking.
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