describe and discuss the relationship between choice, scarcity and opportunity cost.
“In the capitalistic system, Consumer Sovereignty is the key”. Describe and discuss this statement.
Using suitable instances illustrate the terms public and merit goods.
Discuss the likely consequences of a recession on a government’s budget?
describe and discuss the Law of demand and the factors influencing demand for a product or service.
describe and illustrate diagrammatically how the market demand for a product will react if there is a tax imposed on the good.
What you understand by Price Elasticity of Demand? Illustrate and describe with exs, price inelasticity and elasticity and how it helps in decision making at firm’s level.
Make a distinction between a firm’s fixed cost and variable cost and give instances.