WAEC 2017 ECONOMICS OBJ AND THEORY

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                              ECONOMICS THEORY
1a. Tabulate
price ($)                    weekly sales (unit)
450                                  800
500                                   600
1ai. price elasticity= % change in Q.d / % change in price
% change in Q.d= new Q.d- old Q.d / old Q.d
(800-600)* 100 = 20000
20000/ 800 = 25%
% change in price = (500-450) * 100= 5000
5000/450 = 11.11%
price elasticity = 25/11.11 = 2.25
this is an elastic price elasticity of demand ; it is greater than 1.

3a. Land in economics is defined as a free gift of nature.
3b.  Land is immobile
       Land is a free gift.
      The supply of land is fixed.
3c. Farming purpose: Land is used for the cultivation of both food and cash crops e.g maize, yam, cocoa.
     Livestock production: Land is also used for livestock production i.e rearing of animals e.g cattle ,sheep
     Wildlife purpose: Land is used for wild life conservation e.g game reserve and national parks.
     Construction purpose: Land is used for construction purpose e.g roads, airports and railways.

4a. Subsistence farming is a type of farming which is concerned with the production of food for the farmer and his family.
4b. Crop farming deals with the production of food and cash crops , while livestock farming deals with the rearing of domestic animals.
4c. Credit facilities
      Provision of social amenities
      Construction of good roads
      Extension of workers
7a. Economic development may be defined as the process whereby the level of national production increases over a period of time.
7b.     Dependence on agriculture
          Low level of saving
         Population explosion
         Low level of industrialization
7c. Promotion of industrialization
     Provision of infrastructural facilities
     Technological development
     Diversification of the economy.

WAEC 2017 ECONOMICS THEORY AND OBJ 
POWERED BY EDUSPICE.