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Economics Marking Guide 2022

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PDF 238.82 KB 8 pages Jul 23, 2026

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Year 2022
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ECONOMICS P220/1 MARKING GUIDE 2022 SECTION A 1. (a) (i) A centrally planned economy is the one where resources are owned and allocated by the state. (ii) Features of a centrally planned economy - Ownership and control of resources is by the state government - Welfare maximization is the main objective - No private investment / all investments are publically owned - There is centralized planning - Existence of price control / price legislation - Limited competition due to lack of profit motive (b) (i) Price inelastic demand is where a big percentange change in price results into a small percentage change in quantity demanded of a commodity OR Price inelastic demand where the ratio of change in price is greater than the ratio of change in quantity demanded. While / yet / whereas Income elastic demand is where a small percentage charge in income of the consumer results into a big percentage change in quantity demanded of a commodity OR Income elastic demand is where the ratio of change in quantity demanded. (ii) Causes of price inelastic demand - High degree of necessity - Absence of substitute goods - High degree of complementarily - Remand for durable goods like household furniture, for set etc - High degree of addiction towards the commodity - High income of the consumer - Small proportion of income spent on a commodity - High level of advertisement - Short run situations - The commodity being conveniently accessible - Few uses (single use) of the commodity 1 - High level of ignorance of the consumer - Inability to postpone consumption of the commodity - High level of price instability - Expectation of high prices in nearby future. (c) (i) Foreign aid is the transfer of resources in form of assistance either directly from one country …
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Economics Marking Guide 2022 , is an educational document on StudyUganda.com covering Year 2022. This resource includes: "ECONOMICS P220/1 MARKING GUIDE 2022 SECTION A 1. (a) (i) A centrally planned economy is the one where resources are owned and allocated by the ……" (Format: PDF) — 238.82 KB, 8 pages. Added July 23, 2026.

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