Answer the following questions.
Question 1) State the economizing problem, incorporating the relationship between limited resources and unlimited wants.
Question 2) Write down kinds of economic resources and kinds of income associated with different factors.
Question 3) Distinguish between full employment and full production.
Question 4) Describe the concepts of allocative and productive efficiency and how they differ.
Question 5) Construct a production possibilities curve when given suitable data.
Question 6) Demonstrate economic growth, unemployment and underemployment of resources, allocative and productive efficiency, and increasing costs using production possibilities curve.
Question 7) Write down examples of underallocation and overallocation of resources.
Question 8) Write down some real-world applications of production possibilities concept.
Question 9) Write down the general relationship between investment and economic growth.
Question 10) Write down the major characteristics of a market economy and command economy.
Question 11) Identify the decision makers and the markets in the market system using circular flow diagram.
Question 12) Identify the two roles each which households and businesses play using circular flow diagram.
Question 13) Distinguish between product and resource markets.