Second term Economics Exam for ss2,2026.

The full meaning of GSM

2. The reward of land as a factor of production is

3. That preserved money reinvested into a business is called

4. Human efforts both physical and mental used in the production is called......

5. The production of raw materials such as crude oil, cocoa and timber is called

6.Processing raw materials into finished goods is an example of ........ production.

7. Goods that are used directly to satisfy human needs are called ....... goods.

8. Machines tools and equipment used for further production are called ........ goods.

9. Man-made assets used in production are called.........

10. In production......is a variable factor.

SUBJECTIVE

1. One feature of land I know is ........

2. A type of production in which goods and services are produced in large scale mainly for sales or exchange for other needs.........

3. Goods which do not require further process of production for their use by the consumers is called........

4 . Goods that can be used over and over again are called..........

5. Another name for capital goods are

6. Activities that involves the creation of goods and services which satisfy human wants

7 A type of production that is concerned with the p provision of commercial and professional services to the people is........

8. One example of capital good is......

9. One importance of land I know is.....

10. The reward for capital is.....

Part C: Theory Answer number one and any other two

1.Define capital formation? B. explain the vicious circle of poverty using flow chart . C. Use the table given to construct the graph of law of diminishing returns. D) .find A,B,C,D.

2.Define production and explain the types of goods you know.

b ,) Mention any four factors which helps to determine the volume of production.

C. What is land? List any three characteristics land.

3a. Define capital. b.)Outline and explain the types of capital. .c.)Mention any two features of capital

B.Land is said to be immobile,explain.

1. State the law of diminishing returns and illustrate using a graph .