Ordinary level 2024 South West mock Economics 2 mark guide
Ordinary level 2024 South West mock Economics 2 mark guide
QUESTION ONE
Distinction between
a)Economic Growth and Economic Development
a. Economic growth refer to the sustainable
increase in the real GDP of a country of a
period of one year while economic
development refers to an improvement in the
quality of life of people in a society of a given
period of time.
4 marks
b. Factors that hinder Economic Growth
-Low level of investment
– Low level of education and training
– Inadequate natural resources
– Low level of entrepreneurial culture
– Political instability
– Falling aggregate demand
– Absence of economies of scale 2 x 5
point = 10 marks
c. Methods of Measuring National income
– Expenditure method: NI is measured by
adding up all final expenditures by the
different sectors of the economy; spending of
household, firms, government and net export.
– Income method: NI is measured by
summing total income
Junior Louis
August 29, 2024
Good evening sir l am a member of the gce examination for 2025 please l really want to attent the group.