- 20 Marks
EIB – OCT 2022 – L1 – Q1 – Needs, Wants, and Economic Systems
Basic concepts of needs, wants, necessities, luxuries, price factors, and economic systems.
Question
(a) In Economics, needs and wants of man are collectively termed what? (4 marks)
(b) Name any four main needs of man. (4 marks)
(c) Distinguish between necessity and luxury. (4 marks)
(d) Name the ONE main factor which determines price. (4 marks)
(e) Define the term economic system. (4 marks) (Total: 20 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Economic System, luxury, Necessity, needs, Price determination, wants
- Level: Level 3
- Topic: Price and Output - The Commodity/Industry and the Market
- Series: OCT 2022
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