Principles of Economics

Principles of Economics Q1. Write an essay on the main purposes of how economics work, and the relations between the main economic players and institutions. Q2. Describe developed, undeveloped and developing Economies. Q3. All economies face three fundamental or basic central economic problems. What are they. Explain. Q4. Define price elasticity of demand and explain the formula for calculating price elasticity?

5. Describe the advantages of a Socialist Economy. 6. Explain the defects of Capitalism.