Principles of Economics

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National Institute of Business Management

Chennai - 020

FIRST SEMESTER EMBA/ MBA

Principles of Economics

Attend any 4 questions.  Each question carries 25 marks

(Each answer should be of minimum 2 pages / of 300 words)

Question. 1.        Discuss Capitalist Economy.

Answer: Capitalism is an economic system based on private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets. In a capitalist market economy, decision-making and investment are determined by the owners of the factors of production in financial and capital markets, and prices and the distribution of goods are mainly determined by competition in the market.

Economists, political economists, and historians have

Question. 2.        How is Economics useful, describe its importance?

Answer: Economists can advise governments how to manage the economy and avoid problems such as inflation and unemployment. Both inflation and mass unemployment can be devastating for society. Economists argue that both can be avoided through careful economic policies. For example:

    Policies to reduce unemployment

    Policies to reduce inflation

Question. 3.        For whom are the goods produced?Explain.

Answer: In order to meet the needs of its people, every society must answer three basic economic questions:

·       What should we produce?

·       How should we produce it?

·       For whom should we produce it?

A society (or country) might decide to produce candy or cars, computers or combat boots. The goods might be produced by unskilled workers in privately owned

Question. 4.        What are the different methods of measuring elasticity of demand? Explain.

Answer: Price elasticity of demand is a measure of the degree of change in demand of a commodity to the change in price of that commodity.

In other words, price elasticity of demand is the rate of change in quantity demanded in response to the change in the price. It is often referred to as ‘price elasticity’ and is denoted by Ep or PED.

Methods of Measuring Price Elasticity of Demand

There are basically four ways by which we can

a result of using different

Question. 5.        Explain the factors governing price  elasticity of demand.

Answer:

Question. 6.        Explain the features of a Capitalist Economy.

Answer:

25 x 4=100 marks

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