1.1.3—Basic economic questions and systems Topic Practice
1.1.3—Basic economic questions and systems Topic Practice
Students practise defining system-level terms like 'private sector', 'free market', and 'allocation of resources' using institutional and functional precision.
How this is tested
- define the private sector as household and firm activity, such as Kenyan SMEs
- define a free market as one where prices allocate resources with no state intervention
- explain consumer advantages in free markets using price-driven outcomes