What is Pareto efficiency? How is it illustrated on the PPC?
A firm / economy that is operating on the curve is Pareto efficient - one cannot be better off without making another worse off.
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15
List out the WISE ChOICES key concepts.
You should know them...
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20
Using a PPC, illustrate a scenario in which there is a constant opportunity cost between two goods (use actual goods)
E.g. farming goods, same colored pens
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15
What is the Marxist view on the value of goods? What is one potential criticism?
Labor theory of value; but value of good also affected by utility!
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20
What are the three basic economic questions? Briefly elaborate.
What to produce, how to produce, for whom to produce.
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15
Briefly summarize Jean-Baptiste Say's views on economics.
supported the laissez faire approach and believed that âsupply creates its own demandâ
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15
Provide TWO real-life examples of issues faced by STC teachers that illustrates the concept of scarcity.
Carparking, whiteboard markers...
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15
Explain why the concept of scarcity is linked to the concept of sustainability.
Threats to sustainability arises due to scarce resources; if we used up scarce resources in the present day, future generations are unable to meet their needs.
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20
Using a PPC, draw out a scenario of "actual growth"
Must be fully labeled; PPC does NOT shift outward.
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15
Explain why economics is considered a "social science".
Scientific methodology to build knowledge (scientific) + deals with human behavior (social)
