Neco Economics Answers 2022

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2022 NECO ECONOMICS SOLUTIONS

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3)

a. Wants is something that is desired.
It is said that every person has unlimited wants, but limited resources.

b. Scarcity is the demand for a good or service is greater than the availability of the good or service.

c. Choice refers to the ability of a consumer or producer to decide which good, service or resource to purchase.

d. Scale of preference refers to a list of unsatisfied wants arranged in order of their relative importance.

e. Opportunity cost is the value of the next-best alternative when a decision is made.

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4)

1. Allocation of resources

Because of the study of economics, the government is enabled to judiciously allocate the resources which are not sufficient to all the sectors of the country

2. Preparation of Budget

It only takes the idea of economics before a good budget can be prepared which will serve a country and meet the most important needs.

3. Development of programs

The study of economics helps the government to create and develop some programs that are helpful to the mass.

4. Production

In production, economics helps to know what is needed at the moment, what is no longer needed, and what will be needed in the future in order to enable the producers to adequately produce what is relevant, rather than running into losses in the quest of production.

5. Helps to solve economic problems

The study of the subject helps individuals, government, and firms handle their challenges using the various principles of the subject.

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6a)

Monopoly is a situation where there is a single seller in the market.

b.

1. High Cost of capital: It is really capital intensive for an individual to start up certain businesses.

2. Resource Control: A business of mining resources and utilising these resources can be monopolised if the firm or company controls all the resources.

3. Legal Protection: Governments can grant legal protection to businesses to operate a kind of trade that no other business or company can operate thereby creating a monopoly of such trade in the process

4. The business having the potential to yield low profits: Business strategy involves knowing the disparity between investment and dividend and making the right choice of business to enter.

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9a)

Demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

b.

1. Price of the Product

There is an inverse (negative) relationship between the price of a product and the amount of that product consumers are willing and able to buy.

2. The Consumer’s Income

The effect that income has on the amount of a product that consumers are willing and able to buy depends on the type of good we’re talking about.

3. The Price of Related Goods

As with income, the effect that this has on the amount that one is willing and able to buy depends on the type of good we’re talking about.

4. The Tastes and Preferences of Consumers

This is a less tangible item that still can have a big impact on demand. There are all kinds of things that can change one’s tastes or preferences that cause people to want to buy more or less of a product.

*ECONOMICS*

(4)
[PICK FIVE ONLY]

(i) Allocation of resources:
The study of economics enables the government to allocate scarce resources to various sectors of the economy.

(ii) Development of programmes:
It also enables the government to develop certain programmes that are beneficial to the people.

(iii) Rational decision:
Economics enables individuals to choose certain wants among the numerous needs, using their scarce resources.

(iv) Preparation of budget:
Economics assists the government to determine the expected income and expenditure of a country.

(v) Solutions to economic problems:
Economics also enables individuals, firms and governments to solve their problems using various principles of the subject

(vi) Production:
The study of economics assists us to determine what to produce when to produce, factors of production and how to produce goods and services required to satisfy human wants.

(vii) Provision of basic tools:
The study of economics provides basic tools for analysing economic problems among individuals, firms and governments.

(viii) Maximisation of profits:
Economics enables traders and businessmen to maximise their profits using economic principles in their business.

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