ECO427
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1. Economics problem
How to produce
What to produce
For whom to distribute
For whom to produce
2. Proletariat according to Karl Marx are
Producers
Labourers
upper class
capitalists
3. Command economies include the following
Cuba
China
Canada
North Korea
4. Factors of production
Land
goods
capital
labour
5. Features of command economy
Public Ownership
Free market
Central planning
Definite objective
6. The economy comprises of the following agents
Household
business firm
Government
Man
7. Types of economic system
Capitalism
Socialism
Communism
Enterprises
8. Capital goods includes
Machines
Tools
equipment
cash
9. The following are the charateristics of land
free gift of nature
perfectly inelastic supply
it is movable
arns rent as reward
10. Labour includes workes undertaken for
Monetary reward
price
power
rent
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