IB Economics SL 1.1.2 The Problem of Choice Questions
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 entrepreneurship and identify the functions or characteristics of an entrepreneur.
- Define opportunity cost and explain how debt servicing or resource allocation creates an opportunity cost for economic development.
- Apply scarcity, choice and opportunity cost to the case-study decision using the evidence given.
Learn this topic
IB Economics SL 1.1.2 The Problem of Choice Questions question 1
[Maximum number: 2]
Study the extract and data below and answer the questions that follow.
Extract 1
Text removed for copyright reasons
Extract 2
Text removed for copyright reasons
Figure removed for copyright reasons
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.
All question bank results loaded