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*SOUTH EAST NABTEB ECONOMICS*
*SOUTH EAST NABTEB ECONOMICS*
*PART II*
*(NUMBER 3)*
(3a)
Production is grouped into two types
Direct and indirect production.
(i)Direct production is the type of production in which an individual produces goods and services only for family use or consumption. The goods and services so produced are not for sale, rather they are to be used by the family. It is usually very small in size and family labour is usually employed.This is when one produces products for personal use without the help of others, for example subsistence farming, sewing own clothes and constructing a house for self.
(ii)Indirect production: Indirect production is the type of production in which goods and services are produced in large scale, mainly for sales or exchange for other needs. This type of production involves the use of modern equipment and skilled labour to be able to make surplus goods and services that the producer would exchange to get money, which he will use to satisfy other wants.
Indirect production is sub-divided into three major These are primary, Secondary and tertiary production. Examples of these costs are supplies, depreciation, utilities, production supervisory wages, and machine maintenance
(3b)
Laws of variable proportion states that when the quantity of one factor of production is increased, while keeping all other factors constant, it will result in the decline of the marginal product of that factor. Law of variable proportion is also known as the Law of Proportionality. When the variable factor becomes more, it can lead to negative value of the marginal product.
*PART II*
*(NUMBER 4)*
(4a)
Population census may be defined as the head count of all nationals of a country at a particular time. It refers to the counting by government of all the children,boys,girls,men and women, including the disabled, in a country at a given period of time.
(4b)
*(PICK ANY FOUR)*
(i)High level of illiteracy: As a result of the high level of illiteracy in many developing countries, it has become very difficult to conduct a successful population census as these people do not give relevant and useful statistics. Information gathered from these sets of people are usually false and misleading.
(ii)High cost: Huge amount of money is involved in the conduct of population census. Since most West African countries are poor, the resources required to conduct a successful census are not available.
(iii)Political problem: Since population census is used in many countries to allocate resources to component states, population figures are usually falsified to enable some state gain more resources than others.
(iv)Geographical barriers: Most communities are inaccessible due to mountains, valleys, rivers, etc. This makes population census difficult in these areas.
(v)Lack of trained personnel: Trained personnel like demographers are not easily available hence the use of untrained personnel in the conduct of census lead to inaccurate results.
(v)Religious beliefs: The religious belief of some people is a major problem encountered during population census. Muslim women that are in purdah are not to be seen by men and this makes counting of such people difficult as they are counted by proxy.
(vii)Lack of transportation: Most rural areas do not have motorable roads and this prevents or restricts enumerators from getting in touch with some communities.
(viii)Poor regional planning: Most towns and villages are not planned. In most cases the buildings are scattered, some without numbers. This makes it difficult for population officers to conduct a successful population census
(x) Tax evasion: As a result of high level of illiteracy and ignorance, people often give false information during census with the belief that full cooperation during census will lead to high tax payment.
*(NUMBER 5)*
(5ai)
Cross elasticity of demand may be defined as the degree of responsiveness of demand for a commodity to changes in the price of another commodity. In other words, cross elasticity of demand refers to the proportionate change in the quantity of goods (X) demanded over the proportionate change in the price of another good (Y) demanded.
(5aii)
Income elasticity of demand is defined as the degree of responsiveness of demand to changes in income of consumers. In other words, it measures how changes in income of consumers will affect the quantity of commodities demanded by such consumers. It should be noted that income elasticity of demand is negative for inferior goods since an increase in income will lead to decreased demand for them.
(5b)
(PICK ANY FOUR)
(i)Availability or non-availablity of close particular substitutes:The extent to which it is possible to substitute other commodities for a commodity will determine the elasticity of demand for that commodity. Example of close substitutes is bread. If the price of Crunchies bread rises, many consumers may switch over to stanel bread, and so the demand for Crunchies bread will fall drastically.
(ii)Degree of necessity: The extent to which a commodity is regarded as being essential by consumers will determine the elasticity of demand for it. In general terms, necessary goods have inelastic demand. This is because consumers will not decrease the quantity bought to a large extent if price increases (since consumers cannot do without them).
(iii)The consumer's income: The income of a consumer will determine his responsiveness to price changes. The larger the income of a consumer, the more inelastic his demand for commodities. A consumer with a high income will complain less about any price increase. A small increase in the price of a commodity will mean little to him.
(iv)The time factor: This is one of the important fact that affect the elasticity of price of bread. The longer the time taken to find substitutes or to change spending habits, the more inelastic the demand, but if it takes a shorter time to find substitutes or to change spending habits, demand will be more elastic.
(v)Habit or the strength of one's taste for commodity: The extent to which a consumer has become addicted to a a commodity determines the elasticity of demand. If a consumer has become addicted a commodity (or he has a strong taste for to a it) his demand for it will tend to be inelastic. A small increase in the price of the commodity will mean little or nothing to him.
*PART II*
*(NUMBER 8)*
(8i)
Location of industry: Location of industry may be defined as the sitting or establishment of a firm or simply industry in a particular place. An industry may be established either by individuals or either for economic or political government, reasons. In locating an industry in a particular area, one must bear in mind that the cost of production must be at the lowest level in order to ensure the continued existence of such an industry.
(8ii)
Localisation of industry: Localisation of industry refers to concentration of firms or industry producing similar products in an area. In order words, it is the establishment of many related industries or firms which produces similar goods in a particular location e.g many cement manufacturing firms could be located in the same area because all of them produce similar goods which is cement. The growth of industry leads to an increase in production of goods and services
(8iii)
Import-substitution strategy: The import-substitution strategy involves deliberate attempt by government aimed at encouraging the growth of industries within the country which produce goods and services which would otherwise have been imported.It is also a trade and economic policy that advocates replacing foreign imports with domestic production
(8iv)
Export promotion strategy: Export promotion strategy is also a deliberate government policy aimed at encouraging the production of commodities for export. Government can do this through the granting of tax concessions, reducing export duty, finding realistic exchange rate, providing assistance on export costing and pricing and organisation of trade fairs to expose home-made goods to other countries.
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