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1.2 The basic economic problem

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Question 1

The Malik household has £300 left for non-essential purchases this month after paying its essential bills. Family members have listed items costing £520 in total and are still adding other items they would like.

Explain why the Malik household faces scarce resources and unlimited wants.

[2]
Markscheme

1.2 The basic economic problem Questions

  1. GCSE
  2. /Economics
  3. /1.2 The basic economic problem

77 exam-style questions on OCR GCSE Economics 1.2 The basic economic problem, covering 1.2.1 Scarce resources and unlimited wants, 1.2.2 The economic problem, 1.2.3 Opportunity cost, and 1.2.4 Costs and benefits of economic choices. Each one has a worked solution and a mark scheme showing where the marks go.

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