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CAIE IGCSE Economics 1.1.2 Resource Allocation Decisions Questions

Practise Cambridge IGCSE Economics by explaining why scarcity requires individuals, firms and governments to make choices.

Syllabus
2027–2029
Course
Economics 0455

Exam points

  • Explain how finite resources and unlimited wants create the basic economic problem.
  • Identify the need to make choices when resources are scarce.
  • Apply scarcity reasoning to economic decisions by individuals, firms and governments.

CAIE IGCSE Economics 1.1.2 Resource Allocation Decisions Questions question 1

[Maximum number: 1]

There are three key questions to be decided in determining resource allocation within an economy.
What does not relate to one of the choices in the three key questions?

A

whether all income groups receive the output

B

whether consumer or industrial goods are produced

C

whether economic goods or free goods are supplied

D

whether labour or capital is used in production

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