ECO (Y11) REVISION

KCSE TVET 1 - BLUE PRINT 2024

Market Activity

1. Define Market

2. Identify one example of a market that exists in your society

3. Identify any types of market exists in the economy

4. Describe the type of market stated in your answer (3).

Circular Flow Model Activity

1. Define the circular flow model. 

2. Two diagrams for a Real Flow  model and a Money Flow model are given.  Complete each diagram by giving the correct name and label the relationships between the two sectors on both diagrams.

3. Describe the interdependence between household and producers. 

4. Differentiate between Real flow and Money flow. 

5. Name the Five sectors that are dependent on each other to make the economy of the community/nation grow healthy.

6. Given is a four-sector circular flow model. Write down the relationships amongst the five sectors, labeled 1 - 10.

Market Equilibrium Activity

1. Define individual demand

2. State the Law of Demand

3. Differentiate between 'demand schedule' and 'demand curve'

4. What are some factors affecting the consumer's demand?

5. What are the non-price factors?

6. How do the non-price factors affect the demand curve?

7. What is Market Demand?

8. What is Market Supply?

9. What is a Market Supply schedule and a Market Supply Curve?

10. What do you mean by a Market Equilibrium?

11. What is the difference between Excess supply and Excess Demand?

12. What 3 ways does the government intervene in an economy?

13. What is Direct Tax?

14. What is Indirect Tax?