2019/2020 NOVDEC ECONOMICS ESSAY AND OBJECTIVES

THE FASTEST AND TRUSTED SOURCE IN GHANA

+233271490087

ANSWERS

3ai)

“Economics is the science which studies human behavior as a

relationship between given ends and scarce means which have

alternative uses.”…

Ends are behaviour of relationship in exchange rate of a given change

3aii)

Scarcity dictates that economic decisions must be made regularly

in order to manage the availability of resources to meet human

needs. Some examples of scarcity include: The gasoline shortage

in the 1970's. ... Coal is used to create energy; the limited

amount of this resource that can be mined is an example of

scarcity 

3aiii)

When economists refer to the “opportunity cost ” of a resource,

they mean the value of the next-highest-valued alternative use

of that resource. If, for example, you spend time and money

going to a movie, you cannot spend that time at home reading a

book, and you can't spend the money on something else.

 *6a* The price elasticity of supply (PES or Es) is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.

(7a)Demand-pull inflation is an increase in price of goods or services as a result of the aggregate demand for these goods or services being greater than the aggregate supply thus eroding the purchasing power of the currency. In this sense, the economic demand is pulling the purchasing power of the currency down and causing inflation.

WHATSAPP:::::::::

+233271490087