Economic system-an economic system is where there is absence of government interventions and in which the free forces of demand and supply are allowed to operate.
OR
-Economic systems are forms of social organizations for producing goods and services
and for determining how they will be distributed. Examples of such systems include
Communal, Capitalist, Feudalism, Fascism and Socialist.
Kalis answered the question on March 23, 2018 at 13:13
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Compare and contrast ordinal and cardinal utility theory
(Solved)
Compare and contrast ordinal and cardinal utility theory.
Date posted:
March 21, 2018
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Answers (1)
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The following information represents the National Income Model of an ‘Utopian’ economy. Y = C + I + G C = a + b(Y – T) T =...
(Solved)
The following information represents the National Income Model of an ‘Utopian’ economy.
Y = C + I + G
C = a + b(Y – T)
T = d + tY
I = IO
G = GO
Where a > O; O < b < 1
d > O; O < t < 1
T = Taxes
I = Investment
G = Government Expenditure
(i) Explain the economic interpretation of the parameters a,b,d and t.
(ii) Find the equilibrium values of income, consumption and taxes.
Date posted:
March 21, 2018
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Answers (1)
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Differences between micro and macro economics
(Solved)
Differences between micro and macro economics.
Date posted:
March 21, 2018
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Answers (1)
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Give the Importance and use of micro-economics
(Solved)
Give the Importance and use of micro-economics
Date posted:
March 20, 2018
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Answers (1)
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(a) Citing practical examples, explain the differences between the following types of unemployment listed below and how each affects economic growth.
(i) Seasonal and casual unemployment. ...
(Solved)
(a) Citing practical examples, explain the differences between the following types of unemployment listed below and how each affects economic growth.
(i) Seasonal and casual unemployment.
(ii) Disguised and unproductive unemployment.
(b) Outline policies which if implemented would alleviate the problem of unemployment.
Date posted:
March 16, 2018
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Answers (1)
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(a) Define the concept of “national income”.
(b) Briefly explain how national income is measured.
(c) Give reasons why it is difficult to compare the national income of...
(Solved)
(a) Define the concept of “national income”.
(b) Briefly explain how national income is measured.
(c) Give reasons why it is difficult to compare the national income of one country with the national income of another country.
(d) Outline the factors that determine the level of national income of a country.
Date posted:
March 16, 2018
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Answers (1)
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(a) Distinguish between money, near money and money substitutes.
(b) Identify and explain the functions of...
(Solved)
(a) Distinguish between money, near money and money substitutes.
(b) Identify and explain the functions of money. (6 marks)
(c) Explain the reasons for liquidity preference for money.
(d) Explain any four qualities of money.
Date posted:
March 16, 2018
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Answers (1)
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Give reasons why teachers study economics of education.
(Solved)
Give reasons why teachers study economics of education.
Date posted:
March 16, 2018
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Answers (1)
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Give reasons why economists are interested in education.
(Solved)
Give reasons why economists are interested in education.
Date posted:
March 16, 2018
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Answers (1)
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Outline the solutions to problems of education planning.
(Solved)
Outline the solutions to problems of education planning.
Date posted:
March 16, 2018
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Answers (1)
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Discuss the major problems facing educational planning in developing countries
(Solved)
Discuss the major problems facing educational planning in developing countries.
Date posted:
March 16, 2018
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Answers (1)
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Describe the social organization of the Nandi during the pre-colonial period
(Solved)
Describe the social organization of the Nandi during the pre-colonial period.
Date posted:
March 14, 2018
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Answers (1)
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Highlight the critical areas of choice in educational planning.
(Solved)
Highlight the critical areas of choice in educational planning.
Date posted:
March 13, 2018
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Answers (1)
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Discuss the functions of educational planning.
(Solved)
Discuss the functions of educational planning.
Date posted:
March 13, 2018
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Answers (1)
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How is the UNESCO conference of 1948 important to educational planning?
(Solved)
How is the UNESCO conference of 1948 important to educational planning?
Date posted:
March 13, 2018
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Answers (1)
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Outline the characteristics of human capital theory.
(Solved)
Outline the characteristics of human capital theory.
Date posted:
March 13, 2018
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Answers (1)
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Explain five externalities of education
(Solved)
Explain five externalities of education.
Date posted:
March 13, 2018
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Answers (1)
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Outline the demerits of the Manpower Requirement Approach in educational planning
(Solved)
Outline the demerits of the Manpower Requirement Approach in educational planning
Date posted:
March 13, 2018
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Answers (1)
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Comment on the merits of the Manpower Requirement Approach in educational planning
(Solved)
Comment on the merits of the manpower requirement approach in educational planning.
Date posted:
March 13, 2018
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Answers (1)
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To what extent has the Basic Needs Approach been applied in education in Kenya?
(Solved)
To what extent has the Basic Needs Approach been applied in education in Kenya?
Date posted:
March 13, 2018
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Answers (1)