Thursday, July 24, 2014

Economis past question 2013 may/june

Section B
Answer any three questions from this section.
2 Production involves the use of the four factors of production. The use of these resources involves
an opportunity cost.
a) Using appropriate examples, describe the four factors of production. [6]
(b) Using a production possibility curve, explain what is meant by opportunity cost. [6]
(c) Discuss whether more factors of production should be used to build houses. [8]

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