8/19/2019 Quiz Economics July 2012-2

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8/19/2019 Quiz Economics July 2012-2

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CONFIDENTIALINSTRUCTION A-'6 ALL 3.'*,-'#

P$&' .' *+ &-'6 9:$* 4,#

Question 1

i) List down & explain the factors of production in an economy.

[4 marks]

ii) Developdraw dia!ram to demonstrate and explain the followin! concepts" change in quantity 

or movement along a demand curve and change in demand or shift in demand curve.

 [1# marks]

Question $

i) %conomic oods are scarce !oods which 'uantity demand exceeds 'uantity supplied.%conomics !oods can (e divided into consumer and capital !oods. %xplain and !ive example

for consumer and capital !oods.[) marks]

i* %la(orate the different (etween mixed and free market economy systems.

[1$ marks]

END OF QUESTIONS