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Non-Competitive Markets
When goods and services produced in a year are valued at prices prevailing in the year of their production, it is called NI at current prices. When goods and services produced in a year are valued at fixed prices, i.e., prices of the base year, it is called NI at constant (or fixed) prices.
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Distinguish between microeconomics and macroeconomics.
Give an example of showing the difference between microeconomics and macroeconomics.
Giving reasons categorise the following into intermediate products and final products:
(i) Furniture purchased by a school
(ii) Chalks, dusters purchased by a school.
Giving reasons categorise the following into stocks and flows:
(i) Losses (ii) Capital (iii) Production (iv) Wealth.
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