The Nature of the Basic Economic Problem Assessment

7 questions · 12 parts · 14 marks

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1aEasy1 mark
A town has one vacant site and can build either a clinic or a sports centre. Which economic idea is shown most directly?
1bMedium1 mark
Complete the allocation question: deciding who receives the goods and services is deciding ____ to produce.

Answer

1cHard3 marks
Create a clear annotated answer on the canvas. Use a diagram, graph, flowchart, equation layout and/or concise labels to show your reasoning.
A government has enough funds for only one of two projects: a flood barrier or a new stadium. Explain the basic economic problem in this decision and identify the relevant allocation questions.
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