Subject matter of economics questions | form five Economics

1. What is collectivism?
2. Discuss the place of socialism as an economic  system in today`s world.

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1. Briefly explain the following concepts

1. Economic goods
2. A transformation curve
3. Wants
4. Marginal utility

2. Distinguish a command economy from a free market economy

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1. Can a society satisfy all its wants ?Justify your answer.
2. “Where there is scarcity; opportunity cost and choice is inevitable” . Discuss

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Explain the following concepts as used in Economics:

1. Conspicuous consumption
2. Central economic problem
3. Scale of preference
4. Specific Economic Laws

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Distinguish micro economics from macro economics (provide six points)

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