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QUESTIONS👇👇 (Keep Refreshing this Post for Answers)
ANSWERS👇👇
3bi. Individuals:
Scale of preference assists in making efficient allocation for individuals by allowing them to rank their preferences for different goods and services. This provides a basis for making decisions on how to allocate resources. By ranking preferences, individuals can identify which goods and services they value most and allocate resources accordingly. This helps to ensure that resources are allocated in the most efficient way possible, as individuals are able to prioritize their needs and wants. Additionally, scale of preference can help individuals to make decisions about how to allocate resources over time, as they can adjust their preferences based on changing needs and wants.
3bii. Firms
Scale of preference is a tool used by firms to determine which projects to invest in and which to pass on. It helps firms make efficient allocation decisions by allowing them to rank projects based on their expected returns. This helps firms allocate resources to the most profitable projects, while avoiding projects with lower returns. Scale of preference also helps firms compare projects of different sizes and types, as it allows them to assign weights to each project based on its expected return. This helps firms make more informed decisions and allocate their resources in the most efficient manner.
3biii. Government:
Scale of preference is a tool used by governments to prioritize the allocation of resources. It is a process that helps to determine the relative importance of different objectives and activities in order to make efficient and effective decisions.
The scale of preference allows governments to identify and rank the relative importance of different activities or objectives. This helps to ensure that resources are allocated in a way that maximizes the benefit to the public. It can also help governments to identify areas in which additional resources may be needed, or where resources may be better allocated.
The scale of preference also helps governments to identify areas where resources may be over-allocated, or where resources may be better used elsewhere. This assists in ensuring that resources are allocated in a way that is most beneficial to the public.
Overall, the scale of preference is an important tool for governments to use when allocating resources. It helps to ensure that resources are allocated in a way that maximizes the benefit to the public, while also helping to identify areas where resources may be better used elsewhere.
(5a)
A sole proprietorship is a business model where an individual is an owner as well as the operator of the business Whereas A partnership is a business model where two or more persons agree to carry on business and share profits and losses mutually.
(5b)
(i) Sole owner of the business
(ii) Unlimited liability
(iii) No legal entity
(iv) Sole decision maker
(5c)
(i) Generation of Income through Public Issue of Shares: One of the major channels through which Public Limited Companies generate capital is y selling shares to the public.
(ii) Security for Loan Advancement: Public Limited Companies can obtain and secure loans using the assets of the company as security as opposed to using the personal assets of the members.
(iii) Spreading Risks of Ownership: Because a Public Limited Company allows for pubic and unlimited membership, the risk of ownership is then spread amongst many people as opposed to being centered on a few as in the case of a Private Limited Company.
(iv) Separate Legal Identity: A duly incorporated Public Limited Company has an identity entirely different from that of the members. This means that the company is capable of independent existence and can enter into contractual transactions, acquire and own properties, and has the legal capacity to sue and be sued in its own name.
7a)
National income is referred to as the total monetary value of all services and goods that are produced by a nation during a period of time.
7b)
Define transfer payment: A transfer payment is a payment of money for which there are no goods or services exchanged.
Define net factor income from abroad: Net factor income from abroad refers to the difference between the factor income received from the rest of the world and the factor Income paid to the rest of the world.
Define double counting: Double counting in accounting is an error whereby a transaction is counted more than once, for whatever reason
7c)
(1) Problems of Definition:
(2) Lack of Adequate Data:
(3) Non-availability of Reliable Information:
8a)
economic infrastructure can be defined as "internal facilities of a country that make business activity possible, such as communication, transportation and distribution networks, financial institutions and markets
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