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Economic CSEC Study Guide

This economic study guide covers several key topics: 1) It defines economics as the study of the choices people make to attain their goals given scarce resources. 2) It covers concepts like demand, supply, market structures including perfect competition, monopoly, and oligopoly. It examines factors that cause demand and supply curves to shift. 3) It addresses market failure and how governments aim to reduce it through public goods and addressing causes like externalities. 4) It provides examples and definitions for economic terms and concepts and examines how tools like production possibility frontiers illustrate opportunity costs and efficiency.

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5K views3 pages

Economic CSEC Study Guide

This economic study guide covers several key topics: 1) It defines economics as the study of the choices people make to attain their goals given scarce resources. 2) It covers concepts like demand, supply, market structures including perfect competition, monopoly, and oligopoly. It examines factors that cause demand and supply curves to shift. 3) It addresses market failure and how governments aim to reduce it through public goods and addressing causes like externalities. 4) It provides examples and definitions for economic terms and concepts and examines how tools like production possibility frontiers illustrate opportunity costs and efficiency.

Uploaded by

Dannyelle Phillip
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Economic Study Guide

Section 1: Nature of economic


Question 1: Economics is the study of the people make to attain their
goals, given their resources.

Answer and Explanation:


Economics studies the various choices made by people to achieve their goals, considering the
scarce availability of resources. This means that it deals with the study of the people how they
behave and choose the resources when such resources are not available in abundance and has a
limit for availability and usage. Thus, to achieve their goals, the people would want to choose the
best possible way for optimum utilization of resources. These choices are being studied by the
subject named Economics.
Thus, the answers are "choices" and "scarce".
2. ________ is the study of how people make choices to satisfy their unlimited wants
answer: economics

3. _____ _____ is a system in which economic questions are answered by individuals


Answer: Price System (Market System)

4. ______ _______ is an economy in which private enterprise exists in combination with a


considerable amount of government regulation and promotion. Answer: mixed economy

5. Explain the assumptions made when drawing a production possibility frontier.


6. With the aid of an example use the production possibility frontier to illustrate the concepts of
opportunity cost and efficiency.
7. What is an economy?
8. Name three types of economies
9. Explain three features of each types of economy.
Demand and Supply

1. Define the following terms:

A. Demand

B. Supply

2. Explain the difference between a change in demand and a change in quantity demanded

3. State the Law of demand

4. Explain two factors that will cause the demand curve to shift to the left.

5. Explain two factors that will cause the demand curve to shift to the right
6. Define supply
7. State the law of supply
8. Explain three factors affecting supply

Market structure
1. Name the four types of market structures
2. List four features of perfect competition
3. What is a monopoly?
4. List the feature of a monopoly.
5. What is an oligopoly?
6. Compare oligopoly with monopolistic competition
7. Why is three price rigidity in the oligopoly?
Market failure
1. Define public goods

2. Give two examples of public goods

3. What is market failure?

4. How does the government intend to reduce market failure?

5. Explain three causes of market failure.


Question 5
This question tested candidates understanding of basic economic principles such as choice and
opportunity cost. It also this question tested candidates’ ability to
 define the term economics
 list the three main components of an economy
 explain two factors that a consumer has to take into account before buying a good
 use a diagram of a production possibility curve to explain how opportunity cost can be
illustrated

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