CHRP 06 INTRODUCTION TO ECONOMICS

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CHRP 06 INTRODUCTION TO ECONOMICS

AIMS COLLEGE OF BUSINESS AND TECHNOLOGY                                  COURSEWORK EXAMS-APRIL 2023

CHRP PART I LEVEL II

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1. Question one

Explain the following concepts as used in economics

  • Positive economics (2 marks)
  • Production possibility Frontier (6 marks)
  • Scarcity (4 marks)
  • Ceteris paribus (2 marks)
  • Law of demand (2 marks)
  • Price mechanism (2 marks)
  • Factors of production    (2 marks)

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2. Question Two

(a) Using relevant examples, distinguish between Free market economic system and planned economy (6 marks)

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3. Question Two

(b) Explain five causes of unemployment in developing countries     (10 marks)

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4. Question Three

(a) Identify five reasons why most industries in Kenya are located in towns                                                                                                             (10 marks)

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5. Question Three

(b) Daily activities in the society are aimed at satisfying human wants. Identify five challenges encountered in seeking to satisfy such wants.                                                                                                                                     (10 marks)

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