SPECIALIZATION ASSIGNMENT

Question one

(a)Distinguish between specialization and division of labour

(b)With the help of examples explain the types of specialization.

(c)What are the factors that give rise to specialisation?

question 2

(a)What is meant by the term “exchange”?

(b)What are the merits and demerits of specialisation?

question 3

(a)Give the relationship between specialisation and exchange.

(b)What are the advantages of specialisation?

question 4

(a)State the advantages that a farmer who has been producing both maize and beans will have by concentrating on producing maize only.

(b)What disadvantages is he likely to face?

(c) Give the advantages and disadvantages of specialisation.

question 5

(a)Define the term “demand”

(b)State the law of demand

(c)Explain the factors that influence the quantity demanded of a given commodity by the consumers

 question 6

(a)Define the term “supply”

(b)State the law of supply

(c)Explain the factors that influence the quantity of goods supplied by the producers.

 question 7

Differentiate between;

(i)Demand schedule and supply schedule

(ii)Demand curve and supply curve

(iii)Consumer market and industrial markets

 question 8

(a)What is meant by the term “market?”

(b)How are prices determined in a market?

 (c) With the help of diagrams state the law of demand and supply