Economics (AS & A Level) · May / June 2025 · Paper 12 · Question 2

The diagram is from a chapter on 'The Fundamental Economic Problem' in an Economics textbook. It should contain the terms opportunity cost, scarcity and choice in the order that identifies the fundamental economic problem. What is the correct order for the terms to appear in the diagram?

1. Achoice → opportunity cost → scarcity
2. Bchoice → scarcity → opportunity cost
3. Cscarcity → choice → opportunity cost
4. Dscarcity → opportunity cost → choice

As printed in the paper