Guidance for answering the homework question

IB Economics: Guidance for answering the homework question

These two homework questions will present good practise for your classes. The key word in the first question is opportunity cost. This is because any economy will have to decide how to allocate their scarce factors of production so that they can maximise national output. The better responses should make a distinction between free goods which do not use scarce resources and economic goods which do. Some students may...

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