ATTEMPT FIVE QUESTIONS ON INTRODUCTION TO ECONOMICS 

1. (a) Define the term economics under introduction to economics (1mks)

(b) Identify the fundamental economic principles of economics (3 mks)

2. (a) Define the term ‘wants’ (1 mk)

(b) Outline any three traits of human wants. (3 mks)

3. (a)Define the term ‘opportunity cost’(1 mk)

(b) what is the use of opportunity cost in economics (3 mks)

4. (a) Distinguish between scarcity and choice as used in economics (2 mks)

(b) What is the relationship between scarcity, choice and opportunity cost? (2 mks)

5. (a) What is a transformation curve? (2 mks)

(b) Mention any two factors that may cause a transformation curve to shift outwards (2 mks)

6. Under what circumstances may the opportunity cost principle be applied in economics?

(04 marks)

7. what is the difference between intermediate goods and durable goods,

b. As a result of existence of of a number of types of goods, list down the characteristics of each of the following type of goods below;

public goods

natural goods

economic goods                                                                                  4mrks

8. Because of the knowledge you have now, explain the graph below