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Subject matter of economics questions

Subject matter of economics questions | form five Economics

Find Subject matter of economics examination questions, form five Economics in acaproso.com

# Question
1
  1. Define economics according to Robbins.
  2. Why do you think this definition is better than other definitions?

Short answers
2

Explain why economics is regarded as a science?


Short answers
3

Discuss the meaning  of the concept of opportunity cost. Illustrate the concept with practical examples.


Long answers
4

What is transition period? With reference to your study of economic systems , show why the transition is necessary.


Long answers
5
  1. In what ways do command economies and market economies differ?
  2. What are the advantages and disadvantages of each of the two economic systems in (a) above?

Long answers
6
  1. What is collectivism?
  2. Discuss the place of socialism as an economic  system in today`s world.

Long answers
7
  1. Briefly explain the following concepts
  1. Economic goods
  2. A transformation curve
  3. Wants
  4. Marginal utility
  1. Distinguish a command economy from a free market economy

Long answers
8
  1. Can a society satisfy all its wants ?Justify your answer.
  2. “Where there is scarcity; opportunity cost and choice is inevitable” . Discuss

Long answers
9

Explain the following concepts as used in Economics:

  1. Conspicuous consumption
  2. Central economic problem
  3. Scale of preference
  4. Specific Economic Laws

Short answers
10

Distinguish micro economics from macro economics (provide six points)


Short answers