Question

Discuss the extent to which the concept of opportunity cost is only of use to
governments.​

Answer 1

Answer:

What is the concept of opportunity cost?

opportunity cost. A benefit, profit, or value of something that must be given up to acquire or achieve something else. Since every resource (land, money, time, etc.) can be put to alternative uses, every action, choice, or decision has an associated opportunity cost.

Answer 2

This mark scheme is published as an aid to teachers and candidates, to indicate the requirements of

the examination. It shows the basis on which Examiners were instructed to award marks. It does not

indicate the details of the discussions that took place at an Examiners’ meeting before marking began,

which would have considered the acceptability of alternative answers.

Mark schemes should be read in conjunction with the question paper and the Principal Examiner

Report for Teachers.

Cambridge will not enter into discussions about these mark schemes.

Cambridge is publishing the mark schemes for the October/November 2013 series for most IGCSE,

GCE Advanced Level and Advanced Subsidiary Level components and some Ordinary Level

components.