National 5 Economics Verified PACKAGE With Verified Answers

Nat 5 Economics Guaranteed Success The basic economic problem ️️the mismatch of unlimited wants and needs and limited resources. Why do we have unlimited wants ️️greed, successful advertising and innovation Why do we have limited resources ️️Scarcity of goods cause limited resource...

National 5 Economics Verified Answers Identify the three agents of the economy ️️Governments, firms and consumers Identify the three reasons for unlimited wants ️️Greed, Technological advancement and replacement How would you describe the shape of a demand curve ️️Slopes down fro...

Economics N5 prelim revision guaranteed A What is public sector expendature? ️️Spending by centeral goverment, local government and public corporations What is capital expendature ️️Spending on long term projects, this helps to create productive capacity (e.g building hospitals ) W...

Nat 5 Economics Topic 2 - The Basic Economic Problem Define The Basic Economic Problem ️️A result of scarcity - the gap between limited resources and theoretically unlimited wants Distinguish between needs and wants? ️️Needs are resources that are essential for survival while wants a...

Standard 5 National Economic Performance Gross Domestic Product (GDP) ️️the market value of all final goods and services produced within a nation in a given time period Nominal GDP ️️the gross domestic product stated in terms of current value of goods and services Real GDP ️️the ...