SECTION B QUESTION 2: : Whan the question requires you to "list or "name", you need not write a sentence but meroly the word or a phrase. This MUST be dona in bullet form. This types of questions are applicable for 2.1.1, 3.1.1 and 4.1.1 21 Name TWO economic participants that are responsible for gross fixed capital formation. 2.2 List TWO main economic sectors when calculating GDP (P). \( (2 \times 1)(2) \) 2.3 Name any TWO participants in a closed economy. ( \( 2 \times 1 \) ) (2) 2.4 Name any TWO examples of taxes on products. \( (2 \times 1)(2) \) 2.5 Name any two main categories of final consumption expenditure by government. \( (2 \times 1)(2) \) 2.6 List any TWO maln economic activities in modern soclaty \( (2 \times 1)(2) \) 2.7 Name any TWO methods of calculating GDP. \( (2 \times 1)(2) \) 2.8 List any TWO economic leakages \( (2 \times 1)(2) \) 2.9 Name TWO types of assets into which Gross fixed capital investment is divided into. \[ (2 \times 1)(2) \]
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Mind Expander
Did you know that the concept of gross fixed capital formation dates back to the early 20th century when economists began formalizing national income accounts? The idea emphasizes how investments in physical assets—like buildings and machinery—play a crucial role in boosting economic productivity and growth. It’s fascinating to think how these principles are foundational in understanding today's global economy! When it comes to real-world applications, understanding GDP calculations helps policymakers make informed decisions about fiscal policies. By measuring economic performance through different methods—like production, expenditure, or income approaches—governments can allocate resources effectively and tackle economic challenges. Whether it’s planning for infrastructure or social programs, GDP remains a vital indicator of a nation’s health!
