(a) Explain briefly each of the following economic concepts (i) scarcity (ii) scale of preference
(b) Give four reasons why agricultural insurance is important
(c) State five fishery regulations in West Africa
(d) Give five reasons why beekeeping is important
Explanation
(a) Explanation of basic economic concepts
(i) Scarcity Refers to limited supply of resources relative to demand
(ii) Scale of preference The list of unsatisfied wants arranged in order of priority
(b) Reasons why agricultural insurance is important
- Guarantees farmer's income against losses due to natural disaster
- Save guards against failure/collapse of farm business enterprises/ Encourages farmers to plant for the future
- Attracts investors to agricultural business/encourages commercial farming/ encourage agricultural development
- Improves farmer's standard of living
- Facilitates access to farm credit
(c) Fishery regulations in West Africa
- Ban on the use of toxic chemicals/poisons
- Landing tax is paid based on the total catch and sizes of fish at landing sites
- Fishing areas are allocated to individual fishermen so as to curb indiscriminate interference within the large fishing areas
- No vessels (except canoes) shall fish within the first two nautical miles of the territorial waters a country's continental shelf
- No person shall operate or navigate any motorised fishing boat within the territorial water of other country unless a license in respect of that vessel has been issued
- Identified breeding section of water is normally restricted from fishing
- Fishing activities is restricted during rainy season/ close season regulation
- The use of prescribed/particular/restricted mesh size in fishing to protect young fish
- Ban on the discharge of pollutants or toxic materials into a country's terririal water
- Ban on the use of explosives in fishing except for the purpose of research
- Ban on the use of electric fishing except for the purpose of research
- Coastal areas to be constantly under surveillance to restrict foreign vessels from exploitation
- certification that fishes to be sold to the public are free from all toxic substances and human consumption must be obtained
- Exportation of fish products shall be done through the normal procedures not from the sea
- There should be regular stocking of a compatible species in order to increase the population of fishes in the water
- A fisherman is only alowed to catch a specific quantity of fish at a particular time
(d) Reasons why beekeeping is important
- Source of honey used as food/medicine
- Source of propollis/ venom used as medicine
- Source of income
- Source of emploment
- Bees are used for protection
- Source of raw materials for industries e.g wax, royal jelly
- Bees are used in research/education - Generates foreign exchange