Try your hands on it
Define
Labour
Labour force
Supply of labour
Efficiency of labour
💯Explain four characteristics of labour
💯 Differeciate between geographical and occupational mobiliity of labour.
💯 Outline four factors that discourage mobility of labour.
💯 Define trade unions, functions and two weapons they use to achieve their objectives.
💯Define Economic system.
💯 Define the following types of economics system with three features each
Capitalist Economy
Planned economy
Mixed economy
💯 Define elasticity of demand.
💯Differenciate between price elasticity of demand and cross elasticity of demand.
💯Explain any four determinants of demand.
💯Define Economics and state five reasons why the study of economics is important.
💯Define capital and explain the types of capital with example
💯 What's is price system
💯state three advantage and three disadvantage of price system.
💯Define minimum wage
Define
Labour
Labour force
Supply of labour
Efficiency of labour
💯Explain four characteristics of labour
💯 Differeciate between geographical and occupational mobiliity of labour.
💯 Outline four factors that discourage mobility of labour.
💯 Define trade unions, functions and two weapons they use to achieve their objectives.
💯Define Economic system.
💯 Define the following types of economics system with three features each
Capitalist Economy
Planned economy
Mixed economy
💯 Define elasticity of demand.
💯Differenciate between price elasticity of demand and cross elasticity of demand.
💯Explain any four determinants of demand.
💯Define Economics and state five reasons why the study of economics is important.
💯Define capital and explain the types of capital with example
💯 What's is price system
💯state three advantage and three disadvantage of price system.
💯Define minimum wage
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Q5a)
Plantation agriculture is a type
of business cultivating where generating profit is a motive by growing crops. The way crops developed for profit implies that large land expected to make plantation farming fruitful. This cultivating found in regions that experience heat and humidity
5b
1. *Contribution to National Income:*
The lessons drawn from the economic history of many advanced countries tell us that agricultural prosperity contributed considerably in fostering economic advancement. It is correctly observed that, “The leading industrialized countries of today were once predominantly agricultural while the developing economies still have the dominance of agriculture and it largely contributes to the national income. In India, still 28% of national income comes from this sector.
2. *Source of Food Supply:*
Agriculture is the basic source of food supply of all the countries of the world—whether underdeveloped, developing or even developed. Due to heavy pressure of population in underdeveloped and developing countries and its rapid increase, the demand for food is increasing at a fast rate. If agriculture fails to meet the rising demand of food products, it is found to affect adversely the growth rate of the economy. Raising supply of food by agricultural sector has, therefore, great importance for economic growth of a country.
3. *Source of Foreign Exchange for the Country:*
Most of the developing countries of the world are exporters of primary products. These products contribute 60 to 70 per cent of their total export earning. Thus, the capacity to import capital goods and machinery for industrial development depends crucially on the export earning of the agriculture sector. If exports of agricultural goods fail to increase at a sufficiently high rate, these countries are forced to incur heavy deficit in the balance of payments resulting in a serious foreign exchange problem.
*5c*
*Productivity:* The reason for this low productivity are discussed above . However the effect here is that it makes Farmers' average cost to be very high and they cannot afford to sell their produce at a high price.
*2.Absence Of Good Storage Facilities:* This makes the farmers to take all they produce to the market at the same time and it makes supply to be more than demand there by reducing their prices.
*3.Subsistence Farming:* Whatever the farmers produced are meant for themselves and members of their families , so little or income is expected from their output.
*4.Poor Transportation System:* Lack of motorable road and other means of transport, prevent farmers carrying their products to places where they can be sold at higher prices.
*5.Unfavourable Weather:* This reduces the quantity and quality of agriculture product in a particular period.
Plantation agriculture is a type
of business cultivating where generating profit is a motive by growing crops. The way crops developed for profit implies that large land expected to make plantation farming fruitful. This cultivating found in regions that experience heat and humidity
5b
1. *Contribution to National Income:*
The lessons drawn from the economic history of many advanced countries tell us that agricultural prosperity contributed considerably in fostering economic advancement. It is correctly observed that, “The leading industrialized countries of today were once predominantly agricultural while the developing economies still have the dominance of agriculture and it largely contributes to the national income. In India, still 28% of national income comes from this sector.
2. *Source of Food Supply:*
Agriculture is the basic source of food supply of all the countries of the world—whether underdeveloped, developing or even developed. Due to heavy pressure of population in underdeveloped and developing countries and its rapid increase, the demand for food is increasing at a fast rate. If agriculture fails to meet the rising demand of food products, it is found to affect adversely the growth rate of the economy. Raising supply of food by agricultural sector has, therefore, great importance for economic growth of a country.
3. *Source of Foreign Exchange for the Country:*
Most of the developing countries of the world are exporters of primary products. These products contribute 60 to 70 per cent of their total export earning. Thus, the capacity to import capital goods and machinery for industrial development depends crucially on the export earning of the agriculture sector. If exports of agricultural goods fail to increase at a sufficiently high rate, these countries are forced to incur heavy deficit in the balance of payments resulting in a serious foreign exchange problem.
*5c*
*Productivity:* The reason for this low productivity are discussed above . However the effect here is that it makes Farmers' average cost to be very high and they cannot afford to sell their produce at a high price.
*2.Absence Of Good Storage Facilities:* This makes the farmers to take all they produce to the market at the same time and it makes supply to be more than demand there by reducing their prices.
*3.Subsistence Farming:* Whatever the farmers produced are meant for themselves and members of their families , so little or income is expected from their output.
*4.Poor Transportation System:* Lack of motorable road and other means of transport, prevent farmers carrying their products to places where they can be sold at higher prices.
*5.Unfavourable Weather:* This reduces the quantity and quality of agriculture product in a particular period.
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Q7a)
There are two types of banks
based on the authority, these are central banks and commercial banks. Central bank can be called the apex bank, which is responsible for formulating the monetary policy of an economy.
Whiles
Commercial banks, on the other hand, are those banks that help in the flow of money in an economy by providing deposit and credit facilities. Commercial banks provide financial services
7b
i)Higher central bank interest rates affect the cost of borrowing for banks, which then pass those costs onto businesses, consumers and even governments.
ii)Effect on interest rates: When the cash reserve ratio is decreased by the RBI, banks will have more money to invest in other businesses since the amount of funds that needs to be kept with the RBI is low. This shows that banks will have an excess of funds and hence, there will be a decline in the interest rates that are charged on loans.
7c
1.Higher Price of Commodities. A rise in the price of oil would lead to higher petrol prices and higher transport costs. All firms would see some rise in costs. As the most important commodity, higher oil prices often lead to cost-push inflation (e.g. 1970s, 2008, 2010-11)
2.Imported Inflation. A devaluation will increase the domestic price of imports. Therefore, after a devaluation, we often get an increase in inflation due to rising cost of imports.
3.Higher Wages. Wages are one of the main costs facing firms. Rising wages will push up prices as firms have to pay higher costs (higher wages may also cause rising demand) was
There are two types of banks
based on the authority, these are central banks and commercial banks. Central bank can be called the apex bank, which is responsible for formulating the monetary policy of an economy.
Whiles
Commercial banks, on the other hand, are those banks that help in the flow of money in an economy by providing deposit and credit facilities. Commercial banks provide financial services
7b
i)Higher central bank interest rates affect the cost of borrowing for banks, which then pass those costs onto businesses, consumers and even governments.
ii)Effect on interest rates: When the cash reserve ratio is decreased by the RBI, banks will have more money to invest in other businesses since the amount of funds that needs to be kept with the RBI is low. This shows that banks will have an excess of funds and hence, there will be a decline in the interest rates that are charged on loans.
7c
1.Higher Price of Commodities. A rise in the price of oil would lead to higher petrol prices and higher transport costs. All firms would see some rise in costs. As the most important commodity, higher oil prices often lead to cost-push inflation (e.g. 1970s, 2008, 2010-11)
2.Imported Inflation. A devaluation will increase the domestic price of imports. Therefore, after a devaluation, we often get an increase in inflation due to rising cost of imports.
3.Higher Wages. Wages are one of the main costs facing firms. Rising wages will push up prices as firms have to pay higher costs (higher wages may also cause rising demand) was
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8a.
Free trade is a policy by which the government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports).
Q8b)
The BOP is the documentation of all international trade and financial undertakings made by a nation’s citizens. A nation’s balance of payment tells you whether it saves sufficient to pay for its imports. It also discloses whether the nation manufactures enough economic output to pay for its growth. The Balance of Payment is reported once in a quarter or a year.
Whiles
A balance of payments deficit means the nation imports more commodities, capital and services than it exports. It must take from other nations to pay for their imports.
Free trade is a policy by which the government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports).
Q8b)
The BOP is the documentation of all international trade and financial undertakings made by a nation’s citizens. A nation’s balance of payment tells you whether it saves sufficient to pay for its imports. It also discloses whether the nation manufactures enough economic output to pay for its growth. The Balance of Payment is reported once in a quarter or a year.
Whiles
A balance of payments deficit means the nation imports more commodities, capital and services than it exports. It must take from other nations to pay for their imports.
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