NECO 2022 ECONOMIC

SUBJECT: NECO 2022 ECONOMICS

ECONOMICS OBJ
1-10: BDECEEEAAE
11-20: AECCDBAABA
21-30: EAAAEDDAAC
31-40: BAABBCEDBC
41-50: ABCAADCDED
51-60: DBCEAAABEE

(1)



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(3a)

Wants are the insatiable desire or need by human beings to own goods or services that give satisfaction. Human wants or needs are many and are usually described as insatiable because the means of satisfying them are limited or scarce.

(3b)

Scarcity is the limited supply of resources which are used for the satisfaction of unlimited wants. Scarcity is the inability of human beings to provide themselves with all the things they desire or want. These resources are scarce relative to their demand.

(3c)

Choice refers to a system of selecting or choosing one out of several alternatives. Choices arise as a result of numerous human wants and the scarcity of the resources used in satisfying these wants. Choice, therefore, arises as a result of scarcity of resources.

(3d)

Scale of preference refers to a list of unsatisfied wants arranged in the order of their relative importance. It is a list showing the order in which we want to satisfy our wants arranged in order of priority. On the scale of preference, the most pressing wants come first and the least pressing ones come last. 

(3e)

Opportunity cost is an expression of cost in terms of forgone alternatives. It is the satisfaction of one's want at the expense of another want. It refers to the wants that are left unsatisfied to satisfy another more pressing need.

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(4)
(Pick Any FIVE)
(i) Production: The study of economics assists us to determine what to produce, when to produce , factors of production and how to produce goods and services required to satisfy human wants.The technique for solving those problems come within the framework of the Economics discipline.

(ii) Satisfaction of wants: The study of economics helps us to utilise the principles of choice, opportunity cost ,scale of preference etc inorder to satisfy human wants. Study of economics becomes more of a practical necessity and a moral obligation since economics issues and problems touch upon the daily lives of all human being.

(iii) Rational decision: A study o Economics enables the individual to contribute his quota towards increasing the well being of society. Economics enables the individuals to choose certain wants among the numerous needs using scare resources

(iv) Provision of tools: The study of economics provides basic tools for analysing economic problems among individuals,firms and government.It helps the individual to build up a body of economics principles and equips him with the tools of economic analysis which will enable him to understand current issues and problems confronting society.

(v) Development of programmes and planning: Study of Economics enables the government to develop certain programmes that are beneficial to the people. Economics assists planners in planning for development. They are able to out into practice, those techniques and principles learnt in economics, which would help to accelerate economic development.

(vi) maximisation of profits: Economics enables traders and businessmen to maximise their profit using economic principles in their business. It enables them to understand and learn marketing strategies which would helps the producer to maximise profits with minimum social costs to the society.

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(6a)
Monopoly may be defined as a market situation where there is only one producer or supplier of a particular good or service that has no substitute. The monopolist has the power to influence the price of goods to his favour. The goods sold by a monopolist is normally differentiated.

(6b)
(Pick Any Four)

(i)Act of Parliament: This is a legal instrument by government, conferring special monopoly on some organisations to produce or supply certain goods or services, e.g. public corporations.

(ii)Patent Law: This law confers on a firm special privilege to protect its new invention and it tends to scare away other competitors.

(iii) Level of technology: When a firm develops high level of technology,which makes goods cheaper, this may force other competitors out of production

(iv) Effective advertising: The success of a firm in effective advertising may force other competitors out of business

(v) protection of public interest: Deliberate effort to protect public interest by government may confer certain monopoly on some firms e.g power holding company

(vi) Natural cause: Certain areas may enjoy the production or supply of certain goods due to natural endowment e.g crude oil in Niger Delta.

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(9a)
Demand may be defined as the quantity of goods or services that consumers are willing and able to buy at alternative prices over a given period of time.


(9b)
(Pick Any Four)
(i)Price
(ii) The price of other commodities
(iii) income of the consumer
(iv) changes in taste of consumer
(v) population
(vi) Period of festival
(vii) Expectation of change in price
(viii) Taxation

EXPLANATION:

(i)Price: The higher the price of any commodity, the lower the quantity that will be demanded and vice versa.

(ii)The price of other commodities: This applies to commodities that have close substitutes. If the price of such a commodity is high the consumer may demand for the close substitute.

(iii) Income of the consumer: The higher the income of a consumer, the higher the quantity of commodities that he/she will demand for and vice versa.

(iv) Changes in taste of consumer: If consumers change their taste for a particular commodity, the demand for that commodity will also change.

(v) Population: Increase in population in an area will lead to high demand for commodities and vice

(vi) Periods of festival: It is well known that people demand more of specific commodities during certain festivals.

(vii) Expectation of changes in price: If Do people expect that there will be high prices of in the nearest future, demand will increase and vice versa.

(viii) Taxation: An increase in taxation means a reduction in purchasing power of the consumers which may result in decrease in the demand for certain commodities.