Subject : Principles of Economics

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National Institute of Business Management

Chennai - 020

FIRST SEMESTER EMBA/ MBA

Subject : Principles of Economics

Attend any 4 questions.  Each question carries 25 marks

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

1.                 Write an essay on the main purposes of how economics work, and the relations between the main economic players and institutions.

Answer :

2.                 Describe developed, undeveloped and developing Economies.

Answer : When you walk around almost any city or town, you can see different sized houses, different types of cars, and different activities occurring. These differences can be indicators of economic inequality, which is the difference between individuals or populations in terms of their wealth, assets, or income. Although most frequently you see differences in economic levels around your town, economic inequality can also be applied on a larger scale to the nations of the world.

Based on economics, the world has been divided into two types of countries. The two categories are based mainly on per capita income, which is the average income per person. The per capita income is calculated by taking th

3.                 All economies face three fundamental or basic central economic problems. What are they. Explain.

Answer :

4.                 Define price elasticity of demand and explain the formula for calculating price elasticity?

Answer : Elasticity of demand is known as price-elasticity of demand. Because elasticity of demand is the degree of change in amount demanded of a commodity in response to a change in price. Price elasticity of demand can be measured through three popular methods. These methods are:

1.       Percentage method or Arithmetic

5.                 Describe the advantages of a Socialist Economy.

Answer : In socialist economic system means of production are owned and managed by the State. Ownership of means of production is not allowed. In socialism economic activities are carried on mainly for social gains and personal interest is of less significance. In this economic system the anti social activities like smuggling and hoarding find no place. Economic activities are planned with the motive of social benefit by a central planning authority.

The individuals in socialistic society surrender their economic freedom in exchange of assurance of freedom from wants by the State. It is the responsibility of the State to provide food, lodging and clothing besides other requirements,

6.                 Explain the defects of Capitalism.

Answer : The market economy or capitalism has a number of defects.  In analysing these defects it is obvious that some form of government rules and regulations are necessary in order to protect the environment and future generations.

1.      Increasing inequality in wealth: As an economic system characterized by the private ownership of the means of production and

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