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Economics IGCSE Classified P2 Unit 1
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this is paper 2 classified for economics IGCSE 0455 students it consists of every essay questions about unit 1
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Paper 2 classifiedUnit 1
(a) What is the opportunity cost to a person of going to university?[2]
(b) Explain three factors of production that are involved in the operation of an airport.[4]
(c) Explain what is meant by an entrepreneur.[4]
(d) Explain, using examples, what is meant by the factor of production called land.[4]
(e) Using examples, define the factors of production, land and capital.[4]
(f) What is the difference between labour and enterprise? [4]
(g) Describe the role of entrepreneurs. [4]
(h) What is meant by the basic economic problem? [2]
(i) Define the term capital and explain why this factor of production is important in
the production process [4]
(j) Explain what is meant by enterprise and analyse the effect that an entrepreneur
can have on a business. [6]
(k) Discuss why the concept of opportunity cost is important for (i) firms, (ii)
consumers and (iii) governments to consider when making choices.[10]
(l) Using examples, define the factor of production, labour. [4]
1 In 2012, a few countries experienced a decrease in their factors of production, including
labour and enterprise. New Zealand, however, experienced an increase in both the
quantity and quality of its factors of production. In the same year, the country exported
more agricultural and manufactured goods.
(a) Explain why farmers should consider opportunity cost when deciding how to use their
factors
of production. [4]
(b) Using a production possibility curve diagram, analyse the effect of a decrease in the supply
of
labour and enterprise on an economy. [5]
MS/Sarah Taha……………………………………………...Mssarahtaha@gmail.com
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