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Write short notes on the fundamental concepts

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Reference no: EM132876202

1. Write short notes on the following fundamental concepts:

a). scarcity and choice

b) opportunity cost

c). production possibility frontier

d). positive and normative economics

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

3. Why is the consumer said to be sovereign?

4. What factors limit this sovereignty

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

6. State three reasons why the demand curve slopes downwards

7. Explain five factors that demand the price elasticity of supply of a commodity

8. Enumerate six factors that could lead to a rightward shift of the supply curve

9. Explain the term "price control " as used in economy

10. Highlight eight reasons for price control in an economy

Reference no: EM132876202

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