2014 - WAEC Economics Past Questions and Answers - page 1

It means that people never get enough, that there's always something else that they would want or need. Unlimited wants and needs are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is limited resources.

The fundamental economic problem is the issue of scarcity and how best to produce and distribute these scare resources. Scarcity means there is a finite supply of goods and raw materials. Finite resources means they are limited and can run out

 A centrally planned economy is an economic system in which a single authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products. 

The main feature of socialism is the common ownership of means of production and distribution. 

Households make consumption decisions and own factors of production. Economic decisions are those decisions in which people (or families or countries) have to choose what to do in a condition of scarcity. This means that people have to make economic decisions because they want more things than they can actually get. Therefore, they have to choose between various options and they do this by deciding on how to maximize their untility

A supply curve will normally slope upwards (positive) because sellers like it when they're selling at higher prices than lower ones. So they're more willing to sell at higher prices than lower ones.

The purpose of restrictive monetary policy is to ward off inflation. It's called restrictive because the banks restrict liquidity. It reduces the amount of money and credit that banks can lend. It lowers the money supply by making loans, credit cards and mortgages more expensive.

Disposable income; income remaining after deduction of taxes and social security charges, available to be spent or saved as one wishes.

Livestock diseases, low productivity, water scarcity and predators are major constraints to livestock farming in west Africa

The three-sector economy involves three sectors namely, households, business, and government.  The addition of the government in an economy results in bringing two variables in an economy. These variables are government expenditure (act as injections to income) and taxation (act as leakage or withdrawals from income).