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 fr...
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 from left to right
Identify four types of unemployment ✔️✔️Seasonal, frictional, structural and regional
Identify the economic cycle ✔️✔️Boom, recession, slump and recovery
What is the basic economic problem? ✔️✔️The basic economic problem is that our wants are
unlimited but our resources in order to produce our wants are limited. Our resources are either human,
man- made and natural. Our wants are unlimited due to human greed and technological advancement.
What three questions every economy must answer? ✔️✔️What to produce
How to produce
Who to produce for
Identify three classifications of resources ✔️✔️Man-made
Human
Natural
Name all the factors of production ✔️✔️Land
Labour
capital
, enterprise
Name all the returns to the factors of production ✔️✔️Rent
Wages
Interest
Profit
Define opportunity cost ✔️✔️The next best alternative given-up
What industries are in the primary sector? ✔️✔️The extraction of natural resources for example
fishing and coal mining
What industries are in the secondary sector? ✔️✔️Manufacturing for example making cars or building
a house
What industries are in the tertiary sector? ✔️✔️Services for example banking, teacher and
accountants
Describe one possible opportunity cost for a firm ✔️✔️If a firm had a choice of making iphones or
computers and the firm make iphones, then computers will be the opportunity cost.
Describe one possible opportunity cost for an individual ✔️✔️If an individual had a choice between a
roll and a panini and the person chooses a panini, the roll will be the opportunity cost.
Compare a need and a want ✔️✔️A need is something you require to survive whereas a want is
something which make your life more comfortable.
Describe the factors which determine demand ✔️✔️Change in population- if there was a baby boom
there will be an increase in population.
Change in advertising- if a firm decides to move from radio to tv, this is a change in the population.
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