ECO401MIDTERM SOLVED PAPERS
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Introduction to Economics:
Normative economics and positive economics: Normative economics refers to value judgments, e.g. what the public’s goals “should” be policy. Normative statements cannot be tested. Positive economics, on the other hand, is an analysis of facts and behavior in the economy, or “the how things are.” Positive statements can be tested. We the People: includes businesses, households, and government. Goods are things that are produced for sale.
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ECO401 MIDTERM PAST PAPERS BY MOAAZ:
What is economics? Economics is not a natural science, that is, it does not deal with the study of the physical world chemistry and biology. Social sciences are associated with the study of people in society. It is not possible to conduct laboratory experiments, nor is it possible to fully decipher the human decision-making process. “Economics is the study of how we humans engage in production, distribution, and consumption of goods and services in society”.
ECO401 MIDTERM SOLVED PAPERS:
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 Government Regulation.
ECO401 MIDTERM SOLVED PAPERS BY MOAAZ:
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.