2021/2022 Economic Answers for Private Waec/GCE(1st series)

2021 WAEC GCE ECONOMICS (1st Series)

Economics 2 (Essay)

Economics 1 (Objective)

3:00pm – 5:00pm

5:00pm – 6:00



scale of preference can be defined as the list of wants or needs that a person writes or comes up with in order of importance.


market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s individual citizens and businesses.


Elasticity is the degree of responsiveness of demand to change in price, income of the consumer, or price of other commodities.

National budget is a financial statement that gives any estimate of the planned revenue and planned expenditure of the government for one particular financial year.


A national budget is the proposal of revenues and expenditures a government expects for a given fiscal year.

Capital expenditures are funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment.

Recurrent expenditure refers to a type of spending that does not result in acquiring fixed assets in a country or business.

(i) Ensuring Economic growth
(ii) growth of business and trading
(iii) Economic growth

(iv) Mitigating economic divide

free-trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement.


customs union is an agreement between two or more neighboring countries to remove trade barriers, reduce or abolish customs duty.


Forest resource means the various types of vegetation normally growing on Oregon’s forestland, the associated harvested products and the associated residue, including but not limited to brush, grass, logs, saplings, seedlings, trees and slashing.

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