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Outline six advantages of a controlled market system

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1. Enumerate five advantages and five disadvantages of a planned economic system.

2. Highlight four steps followed in the scientific method used in economics

3. Outline six advantages of a controlled market system

4. summarize five ways through which the government could influence the allocation of resources in a free market economy

5. Differentiate between microeconomy theory and a macroeconomy theory

6. Explain the three basic economic problems

7. Outline six limitations of a free market economy

8. "a government might intervene in a free market economic system" discuss five reasons that might drive a government to intervene

9. Explain four disadvantages of a planned economy

10. Summarize four roles of economy agents in a mixed economy

11. Briefly explain five characteristics of a free market system

12. Outline six disadvantages of free market economy systems

13. Identify four factors that could lead to market failure in an economy

14. Briefly explain the challenges encountered by planned economic system in their transition to market oriented economies

15. Discuss the key features in a mixed economic system

16. Write short notes on the following fundamental concepts:

a). scarcity and choice

b)opportunity cost

c). production possibility frontier

d). positive and normative economics

17. Using specific examples, explain 'ceteris paribus' as used in economics

18. Why is the consumer said to be sovereign?

19. What factors limit this sovereignty

20. Explain the difference between "inelastic demand" and "unitary elasticity of demand"

Reference no: EM132876027

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