Explain the economic problem of scarcity. [3 marks]

Define the concept of opportunity cost. [3 marks]

Distinguish, using examples, between the different factors of production. [6 marks]

Discuss whether a country should conserve or use its natural resources. [8 marks]

Explain, using examples, what is meant by the factor of production called land. [

Describe the nature of the economic problem. [4 marks]

Using a production possibility curve, explain what is meant by opportunity cost. [6 marks]

What is the difference between labour and enterprise [4 marks]

Using a production possibility curve diagram, analyse the effect of a decrease in the supply of labour and enterprise on an economy. [5 marks]

Explain why prices tend to be relatively stable in a non-collusive oligopoly.