NECO Economics Questions and Answers 2022 (100% Verified) Theory & Obj Expo Answers
NECO Economics Questions and Answers 2022 is now release for the June/July 2022. NECO Economics Theory and Objective Answers (100%legit) Economics Essay verified Free (Expo) for National Examination Council. NECO Economics Questions For you to have good NECO result in Economics as well as repeated questions for free in this post.
You will also understand how NECO Economics questions are set and how to answer them. The National Examination Council is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and November/December respectively.
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[8/4, 9:37 AM] Naijahero: 3a)
ReplyDeleteWants are the insatiable desire or need by human beings to own goods or services that give satisfaction. Human wants or needs are many and are usually described as insatiable because the means of satisfying them are limited or scarce.
(3b)
Scarcity is the limited supply of resources which are used for the satisfaction of unlimited wants. Scarcity is the inability of human beings to provide themselves with all the things they desire or want. These resources are scarce relative to their demand.
(3c)
Choice refers to a system of selecting or choosing one out of several alternatives. Choices arise as a result of numerous human wants and the scarcity of the resources used in satisfying these wants. Choice, therefore, arises as a result of scarcity of resources.
(3d)
Scale of preference refers to a list of unsatisfied wants arranged in the order of their relative importance. It is a list showing the order in which we want to satisfy our wants arranged in order of priority. On the scale of preference, the most pressing wants come first and the least pressing ones come last.
(3e)
Opportunity cost is an expression of cost in terms of forgone alternatives. It is the satisfaction of one’s want at the expense of another want. It refers to the wants that are left unsatisfied to satisfy another more pressing need.
[8/4, 9:39 AM] Naijahero: ECONOMICS-OBJ
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[8/4, 10:37 AM] Naijahero: 7a)
A co-operative society is a voluntary association of persons, businessmen, traders or organization with common needs and interests. The resources of members are pooled together to promote the economic and welfare interest of the members.
(7b)
[PICK ANY THREE] (i)Producers Co-operative Society
(ii)Wholesale Co-operative Societies
(iii)Retails Co-operative Society
(iv)Consumers’ Co-operatives Society
(i)Producers Co-operative Society: This is an association of producers of similar commodity who have come together for the promotion of the market for their products. They could also purchase tools and raw materials in bulk and share or sell them to members at reduced prices.
(ii)Wholesale Co-operative Societies: Association of wholesalers buying in large quantities from the Manufacturer
(iii)Retails Co-operative Society: This is an association formed by many small independent retailers pooling their resources together and buying in bulk either from the manufacturers or wholesalers.
(iv)Consumers’ Co-operatives Society: This is formed by consumers who pool their resources together to buy essential commodities in bulk direct from manufacturers. Such commodities are then distributed or sold at reasonable prices to members.
2b)
ReplyDelete[CHOOSE ANY FOUR]
(i)Ranking of needs:Scale of preference helps us to rank our needs or wants in order of their relative importance
(ii)Identification of highest priority: Scale of preference assists individuals to identity quickly the most important needs among others
(iii)Rational choice: Scale of preference assists individuals, firms and governments to make rational choices in the list of wants
iv)Efficient utilisation of limited resources: Scale of preference also helps individuals to make efficient utilisation of available resources
(v)Optimum allocation of resources: Scale of preference facilitates optimum allocation of resources
(vi)Maximisation of satisfaction: Scale of preference enables economic agents to maximise their satisfaction.
(vii)Financial prudence: Scale of preference doe