Social Science 2 Marks Each

Alternative uses of resources mean/ imply that a single resource can be used in more than one way, for example, electricity can be used for domestic purposes or industrial activities.

India, England and France have adopted mixed economy.

Economic activity means any activity such as agriculture that involves earning or spending money for the exchange of goods (commodities) and services.

Land, labour, capital and entrepreneurship are the main factors of production.

Human wants are unlimited and insatistable. On the other hand, the resources to fulfil these wants are limited/scarce. Owing to the scarcity of resources, it becomes necessary to determine priority to satisfy wants.
First priority is always given to satisfy the basic needs – necessities of food, clothing and shelter. Thereafter lesser wants in the form of comforts and luxuries are satisfied.

Economic planning.

Mixed economy.

Profit.

Primary.

Three.

Developing nations.

Agriculture

Per capita income.

National income,

Mixed economy.

Market System.

Labour.

Per Capita Income.

Mixed Economy.

Mixed Economy.

Mixed Economy.

Socialist System.

Market system.

Entrepreneur.

Capital.

Land.

Developing Nations.

Secondary.

Economic Activities.

Developing Nations.

Unemployment.

Developing Countries.

Agriculture.

Per Capita Income.

Economic Grow.

Increase in National and Per Capita Income: A sustained rise in both the national income and the per capita income of the country shows that there is an increase in the production of goods and services. This indicates a growing economy and is a primary sign of development.
Improvement in Standard of Living: Economic development leads to an improvement in people's standard of living. This is seen in increased access to better education, healthcare facilities, and other essential services. When people's basic needs are fulfilled and they have more opportunities, it is a clear sign of economic progress.