The ability of a good to satisfy human wants is

Choose the correct term from List B which matches with the explanation in List A, then write the letter below the number of the relevant explanation in the table provided. LIST A LIST B (i) Buying goods in large quantities from producers A. Retail trade (ii) Payment for use of land B. Wholesaler (iii) Exchange of goods without use of money C. Rent (iv) Selling goods to final consumers D. Barter trade (v) Storage of goods until required E. Warehousing (vi) Risk bearer and organizer of production F. Entrepreneur (vii) Document authorizing removal of goods from warehouse G. Warehouse warrant (viii) Cost that remains constant regardless of output H. Fixed cost (ix) Promotion of goods and services I. Advertising (x) Movement of goods from one place to another J. Transportation

1. Buying goods in large quantities from producers (1 mk)
2. Payment for use of land (1 mk)
3. Exchange of goods without use of money (1 mk)
4. Selling goods to final consumers (1 mk)
5. Storage of goods until required (1 mk)
6. Risk bearer and organizer of production (1 mk)
7. Document authorizing removal of goods from warehouse (1 mk)
8. Cost that remains constant regardless of output (1 mk)
9. Promotion of goods and services (1 mk)
10. Movement of goods from one place to another (1 mk)

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Complete each of the following statements by filling in the blanks with correct word(s) (i) Trade that involves other countries is called __________ (ii) The reward for capital is __________ (iii) Goods kept for future sale are known as __________ (iv) The selling price minus cost price gives __________ (v) The process of valuing stock periodically is __________ (vi) Goods bought for resale are __________ (vii) The point at which demand equals supply is __________ (viii) A trader who sells goods on commission is a __________ (ix) The cost per unit of output is called __________ (x) The study of how people satisfy unlimited wants using scarce resources is _______

1. Trade that involves other countries is called __________ (1 mk)
2. The reward for capital is __________ (1 mk)
3. Goods kept for future sale are known as __________ (1 mk)
4. The selling price minus cost price gives __________ (1 mk)
5. The process of valuing stock periodically is __________ (1 mk)
6. Goods bought for resale are __________ (1 mk)
7. The point at which demand equals supply is __________ (1 mk)
8. A trader who sells goods on commission is a __________ (1 mk)
9. The cost per unit of output is called __________ (1 mk)
10. The study of how people satisfy unlimited wants using scarce resources is _______ (1 mk)

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Write short notes on (a) Retail trade (b) Consumer goods (c) Advertising (d) Fixed cost (e) Warehouse

1. Retail trade (3 mk)
2. Retail trade (5 mk)
3. Consumer goods (3 mk)
4. Consumer goods (5 mk)
5. Advertising (3 mk)
6. Fixed cost (3 mk)
7. Warehouse (3 mk)

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Explain five services rendered by wholesalers to retailers.

1. Explain five services rendered by wholesalers to retailers. (10 mk)

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The following table shows price and quantity demanded of maize flour. Price per bag (Tshs): 20000 25000 30000 Quantity demanded(bags): 600 450 300 (a) Calculate the price elasticity of demand when price rises from Tshs 20,000 to Tshs 30,000. (b) Comment on the elasticity obtained.

1. Calculate the price elasticity of demand when price rises from Tshs 20,000 to Tshs 30,000. (0 mk)
2. Calculate the price elasticity of demand when price rises from Tshs 20,000 to Tshs 30,000. (5 mk)
3. Comment on the elasticity obtained. (0 mk)
4. Comment on the elasticity obtained. (5 mk)

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Explain five advantages of home trade.

1. Explain five advantages of home trade. (10 mk)

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