8% of total government spending in Singapore is allocated to expanding public transport networks, and therefore other areas of the public sector have experienced reduced funding as a result, including coastal defence infrastructure despite the rising threat of sea-level rise.
With reference to the information above, explain what is meant by 'opportunity cost'.
85 exam-style questions on Edexcel A A Level Economics 1.1 Nature of economics, covering 1.1.1 Economics as a social science, 1.1.2 Positive and normative economic statements, 1.1.3 The economic problem, 1.1.4 Production possibility frontiers, 1.1.5 Specialisation and the division of labour, and 1.1.6 Free market economies, mixed economy and command economy. Each one has a worked solution and a mark scheme showing where the marks go.