ATTEMPT ALL QUESTIONS ON HUMAN WANTS

1        Define the term human wants                                                             (2mrks)

2        With examples, describe the terminologies below

a         Basic needs

b        Secondary needs

c         Material needs

d       Immaterial wants

e       Private wants

f       Public needs

g       Satiable wants

h       Insatiable wants                              (16mrks)

3        What are the various features of human wants?                         (5mrks)

4        What do you understand by the term wealth?                                     (2mrks)

5        List down any five characteristics of wealth                              (5mrks)

6        Describe the different types of wealth you know                       (10mrks)

7        Write short notes on the following

a        What to produce

b       When to produce

c       Where to produce

d       How to produce

e       For whom to produce

f        How much to produce (12mrks)

8        Giving characteristics differentiate free enterprise economy and a command economy                                                                                           (10mrks)

9        Explain the merits and demerits of free enterprise economy                                                                                                                                   (10mrks)

10      How is mixed economy different from other economic systems                                                                                                                                      (2mrks)

11      Describe the advantages and disadvantages of a planned economy                                                                                                                        (10mrks)