Economics Microeconomics Macroeconomics

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This assignment will be graded out of 15 points.

Points will be deducted for failure to use appropriate diagrams to clarify answers.

Students are required to use suitably labeled diagrams where necessary in their answers.

List of questions

(1)Distinguish between the following pairs of concepts with the aid of diagrams where they help to explain your answers: (Please use examples in your answers)

(1a)Microeconomics and Macroeconomics

(1b)Efficiency and Equity

(1c)Opportunity cost and Trade-offs

(1d)Scarcity and Trade-offs

(1e)Market and market mechanism

(1f)Capital intensive technology and relative prices

(1g)Rate of inflation and inflation

(2)Write short notes (3-4 sentences long) about the following concepts:

(2a)Market equilibrium

(2b)Market disequilibrium

(2c)Scarcity

(2d)Opportunity costs

(2e)Market forces of demand

(2f)Demand equation

(2g)Market prices

 
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