NECO ECONOMICS ===COMPLETED=== PLS ON YOUR OBJ SHEET, WRITE TYPE A INSTEAD OF WRITING THE TYPE GIVEN TO YOU. ECONOMICS TYPE A 1-10: BAACCDEBDD 11-20: ECCDEBDBEE 21-30: CBCDEEDCDB 31-40: DEDBDBCCAE 41-50: CBBABEACED 51-60: BACDCCABBE (3) -Rational decision: economics enables the individuals to choose certain want among the numerous needs using their scarce resources -Maximization of profits: it enables traders and businessmen to maximize their profit using economics principles in their business -Satisfaction of wants: the study of economics helps us to utilise the principles of choice,opportunity cost,scale of preference etc in order to satisfy human wants -Participation in government: the understanding of economics helps individuals to participate actively in the art of governance -Allocation of resources: the study of economics enables the government to allocate scarce resources to various sectors of the economy -Preparation budget: economist assist the government to determine the expected income and expenditure of a country =================================== (6) -In foreign trade,buyers and sellers use different currencies whereas buyers and sellers in home trade use the same type of currency -There is possibility of restriction,tariffs,imports duties,export duties,quotas,embargoes when goods are exchanged across national boundaries while all these does not occur in home trade -International trade requires knowledge of new languages and interpretation while in domestic trade a common language is used -There are also differences in legal system and culture under international trade but legal system are the same in domestic trade -Differences in transport cost due to distance between buyers and sellers,documentation requirement need for insurance in respect of foreign trade distinguish foreign trade from home trade ================================== (7i) A commercial bank may be defined as a financial institution which carries out retail banking services, setup for keeping and lending money to people,owned by individuals, organisations or government for the main purpose of making profits. examples are UBA and FirstBank, (7ii) -it offers advice to commercial banks -Regulation of the economy -Issuing of currency -Serves as banker s bank -Adviser to government ALWAYS JOIN US @ WWW.EXPOWAP.COM
Posted on: Wed, 09 Jul 2014 11:21:22 +0000
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