ECO402 MIDTERM SOLVED PAPERS
ECO402 MIDTERM SOLVED PAPERS GET PDF PAPERS FILES FROM THE BELOW LINK:
What is economics? Economics is the study of how societies use scarce resources to produce valuable
goods and distribute them to different people. Microeconomics deals with the Behavior of individual units
When consumed; How we choose what to buy. During the production; How we choose what to produce
Markets: Interaction of consumers and producers. Analysis of summary problems: y Economic growth
y Inflation y Unemployment Microeconomics Vs. Macroeconomics
Microeconomics is the basis of macroeconomic analysis.
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ECO402 MIDTERM PAST PAPERS BY MOAAZ:
Microeconomics topics Š According to Mick Jagger and the Rolling Stones, “you can’t always get what you want”.
Why not? Š Limited resources Š Unlimited wishes Š Allocation of scarce resources and trade-offs Š In a planned economy Š In a market economy Š Microeconomics and optimal compromises.
ECO402 MIDTERM SOLVED PAPERS:
Services involve doing something for customers but not producing goods. is scarcely available. Economic systems:
A free market/capitalist economy is a system in which questions about what to produce how to produce and for whom to produce is primarily determined by demand and supply market interaction. A dictatorship is a system in which economic decisions are made by a would-be dictator an individual or a group of selected people.
ECO402 MIDTERM SOLVED PAPERS BY MOAAZ:
A command or planned economy is a mode of economic organization in which the key
economic functions – for whom, what, and how to produce are fundamentally intended