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*Economics Obj

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5a) A supply schedule is a table that shows the quantity supplied at different prices in the market. A supply curve shows the relationship between quantity supplied and price on a graph. The law of supply says that a higher price typically leads to a higher quantity supplied.

5c) – State of Technology
Technological: innovations and inventions tend to make it possible to produce better quality and/or quantity of goods using the same resources. Therefore, the state of technology can increase or decrease the supply of certain goods.

– Government Policy:
Commodity taxes like excise duty, import duties, GST, etc. have a huge impact on the cost of production. These taxes can raise overall costs. Hence, the supply of goods that are impacted by these taxes increases only when the price increases. On the other hand, subsidies reduce the cost of production and usually lead to an increase in supply.

– Price of the Factors of Production:
Production of a good involves many costs. If there is a rise in the price of a particular factor of production, then the cost of making goods that use a great deal of that factors experiences a huge increase. The cost of production of goods that use relatively smaller amounts of the said factor increases marginally.

– Price of Related Goods:
Let’s say that the price of wheat rises. Hence, it becomes more profitable for firms to supply wheat as compared to corn or soya bean. Hence, the supply of wheat will rise, whereas the supply of corn and soya bean will experience a fall.

– Price of the Good/ Service:
The most obvious one of the determinants of supply is the price of the product/service. With all other parameters being equal, the supply of a product increases if its relative price is higher. The reason is simple. A firm provides goods or services to earn profits and if the prices rise, the profit rises too.

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(7a)
Export promotion are activities used by many countries and regions to promote the goods and services from their companies abroad.

(7b)
Currency depreciation is the loss of value of a country’s currency with respect to one or more foreign reference
currencies, typically in a floating exchange rate system in which no official currency value is maintained.

(7c)
Terms of trade are defined as the ratio between the index of export prices and the index of import prices. If the export prices increase more than the import prices, a country has a positive terms of trade, as for the same amount of exports, it can purchase more imports.

(7d)
Balance of Trade (BoT) is the difference between the total value of exports and the total value of imports of a country within a time period. It is also referred to as trade balance, commercial balance or net exports.

(7e)
Currency appreciation is an increase in the value of one currency in relation to another currency. Currencies appreciate against each other for a variety of reasons, including government policy, interest rates, trade balances and business cycles.

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(6a)
economic system is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.

(6bi)
Capitalism; is an economic system in which private individuals or businesses own capital goods. In other words The production of goods and services is based on supply and demand in the general market known as a market economy rather than through central planning known as a planned economy or command economy.

(6bii)
Socialism; is a populist economic and political system based on public ownership of the means of production. In other words Socialists contend that shared ownership of resources and central planning provide a more equal distribution of goods and services and a more equitable society.

(6biii)
mixed economy; is variously defined as an economic system blending elements of a market economy with elements of a planned economy, free markets with state interventionism, or private enterprise with public enterprise

(6c)
(i)Producers, consumers and the workers all enjoy economic freedom and are free to work, as they like. Goods are produced according to the taste, preference and demand of consumers.

(ii)Capitalist system can make changes according to the needs and circumstances of the economy. It has inbuilt flexibility.

(iii)An automatic equilibrium is brought about by the operation of price mechanism and market forces. No central direction is required for the operation of the economy.


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2020 WAEC GCE ECONOMICS ESSAY & OBJECTIVE Questions and Answers

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