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1.1 Economic methodology and the economic problem

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Question 4

Extract C

"...Choosing to fund the new light rail system in Westmorland meant that the proposed funding for affordable housing units in the district had to be shelved, clearly illustrating the opportunity cost of local authority resource allocation..."

Define the term 'opportunity cost' with reference to Extract C (line 3).

[3]

1.1 Economic methodology and the economic problem Questions

  1. A Level
  2. /Economics
  3. /1.1 Economic methodology and the economic problem