What are basic wants?
These are the essential needs in life such that one cannot do without them. They include food, shelter and clothing. They are satisfied before the secondary wants. They have the following characteristics;
Principles of Insurance
(i) Principle of indemnity
Insurance aims at restoring the insured to the financial position he/she was in before the loss occurred and not benefit him/her.
(ii) Insurable interest
The insured must prove that the occurrence of the risk will cause him/her financial loss.
(iii) Utmost good faith (uberrima fidei)
The insured must disclose all materials and relevant information that may affect insurance contract it subsequently comes to light.
(iv) Proximate cause.
There must be a fairly close connection between the cause of the loss and the risk insured.
In case of total loss and full compensation the insurer, assumes the rights that insured had on the property destroyed.
In case of property being insured by more than one insurance firm, all the insurers share the burden of compensation in the proportion of coverage of the risk.
Consequences of unemployment
Assumptions associated with the circular flow of income in a two sector economy
Procedure for obtaining an insurance policy
Government initiated methods of consumer protection
Advantages of locating firms in different parts of the country
Benefits of a business to the society
The following information relates to Movaic Retailers for the month of July 2015:
(iii Total expenses
(iv) Net profit
(y) Rate of stock turnover
Measures that can be taken to increase the volume of exports