Waec 2017

and:
It refers to all natural resources which are
free gifts of nature. Land, therefore, includes
all gifts of nature available to mankind—both
on the surface and under the surface
3 b )
i ) Land is a Primary Factor of Production
ii) Land is a Passive Factor of Production
iii)Land has some Original Indestructible
Powers
6a)Inflation is the rate at which the general
level of prices for goods and services is rising
and, consequently, the purchasing power of
currency is falling. Central banks attempt to
limit inflation, and avoid deflation, in order to
keep the economy running smoothly.
6bi)
-growing economy
-expectation of inflation
-discretionary fiscal
6bii)
-monopoly
-wage inflation
-exchange rates
7a) economic development can be defined as
efforts that seek to improve the economic
well-being and quality of life for a community
7b) -dependency on agricultural sector
-illetracy
-production for self-consumption

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