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Question: Question 1
(a) Identify and explain the factors of production (Land, Labor and Capital & Enterprise) as well as the factor prices paid by the firms to the household.

(b) Distinguish between needs, wants, scarcity, choice and opportunity cost as key economic concepts. Use examples to illustrate.

(c) What type of Economy is Trinidad and Tobago? Distinguish between the characteristics of the T&T economy and a planned and free economy with regards to what they produce, who will produce it and who will receive.

(d) What are the advantages and disadvantages of the three market systems mentioned in the above?

Question 2
(1) Comment on the statement: “Economics is for politician, it has nothing to do me” In an essay format please analyze the statement in the above.

Individual assignment - Principles of Microeconomics ECON 120

Table of Contents
Question 1 (A) - - 4
Question 1 (B) - - 6
Question 1 (C) - - 9
Question 1 (D) - - 10
Question 2 (1) - - 13

Answer: Question 1 (A)

This represents the free gifts of nature such as land, forests, minerals, etc. it is sometimes called Natural Resources. These ‘Natural Resources’ have the ability to generate income by either rent of property or cultivation and development of said land.
People living under one roof that ascertain or are subject to someone ascertaining for them are considered households, they also have shared financial decisions. These households interact with firms for both income and the provision of goods and services. The price paid by firms to the households depends on the service or good. For example Lands’ main source of income is rent, one can offer for rent space which firms use for operating a business, storage, etc.

This represents all the available human resources, which are the skills and knowledge of all the capable people that put tim...(short extract)

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  • Subject: Business and Management
  • Course: Management
  • Level: Degree
  • Year: 2nd/3rd
  • Mark: Not available
  • Words: 2032
  • Date submitted: January 08, 2019
  • Date written: April, 2014
  • References: No
  • Document type: Essay*
  • Essay ID: 8588

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