Provide detailed answers

1.Briefly explain the characteristics of a free market system

2.Outline six disadvantages of free market economy systems

3.Identify four factors that could lead to market failure in an economy

4.Briefly explain the challenges encountered by planned economic system in their transition to market oriented economies

5.Discuss the key features in a mixed economic system

6.Write short notes on the following fundamental concepts:

a). scarcity and choice

b)opportunity cost

c). production possibility frontier

d). positive and normative economics

7.Using specific examples, explain 'ceteris paribus' as used in economics

8.Why is the consumer said to be sovereign?

9.What factors limit this sovereignty

10.Explain the difference between "inelastic demand" and "unitary elasticity of demand"

11.State three reasons why the demand curve slopes downwards

12.Explain five factors that demand the price elasticity of supply of a commodity

13.Enumerate six factors that could lead to a rightward shift of the supply curve

14.Explain the term "price control " as used in economy

15.Highlight eight reasons for price control in an economy