Question: QUESTION ONE [40] 1.1 Explain the two main primary factors of production utilised in the manufacturing of goods and services. (12) 1.2 Discuss technological improvement

QUESTION ONE [40]

  1. 1.1 Explain the two main primary factors of production utilised in the manufacturing of goods and services. (12)
  2. 1.2 Discuss technological improvement as a factor that contributes to economic growth in terms of the production possibility frontier model. (Assume there is technological progress in the production of both the goods). Use a diagram to motivate your answer. (14)
  3. 1.3 Assess the following factors in relation to the basic economic problem of scarcity. Use examples to motivate your answer:
  4. 1.3.1 Opportunity cost (7)
  5. 1.3.2 Efficiency (7)

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