Question 1
Outline four characteristics of human wants.
Answer
- - They are unlimited/they are many and endless.
- - They vary in urgency and intensity.
- - They are recurrent.
- - Require resources.
- - They are complementary.
Question 2
Outline four ways in which productivity of labour can be improved.
Answer
- - Through training the labour force
- - Provision of medical care
- - Proper remuneration of workers
- - Better treatment i.e. provision of proper diets and housing
- - Availing efficient and improved machinery
- - Good working environment
Question 3
Outline four ways in which productivity of labour can be improved.
Answer
Question 4
State the types of utility created under the following conditions.
- Students carrying a chair from the dining hall to class.
- The matron slaughtering chicken for supper
- School storing maize to be used next term
- Mother buying a dress for her daughter
Answer
- Place utility
- Form utility
- Time utility
- Possession utitlity
Question 5
Name four factors of production and atate the rewards for each.
Answer
- - Land- rent , rates
- - Labour – wages, salaries, commission, fees
- - Capital – interest
- - Entrepreneurship – profit