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Standard 5 National Economic Performance Gross Domestic Product (GDP) ️️the market value of all final goods and services produced within a nation in a given time period Nominal GDP ️️the gross domestic product stated in terms of current value of goods and services Real GDP ️️the gross domestic product corrected for changes in prices from year to year Nonmarket Activities ️️services that have potential economic value but are performed without charge Underground Econo...

Nat 5 Economics Topic 2 - The Basic Economic Problem Define The Basic Economic Problem ️️A result of scarcity - the gap between limited resources and theoretically unlimited wants Distinguish between needs and wants? ️️Needs are resources that are essential for survival while wants are resources that are not essential for surviving but rather a luxury. Give examples of needs and wants ️️Needs - food, clothing, shelter Wants - entertainment Why do Consumers, Producers, G...

Economics N5 prelim revision guaranteed A What is public sector expendature? ️️Spending by centeral goverment, local government and public corporations What is capital expendature ️️Spending on long term projects, this helps to create productive capacity (e.g building hospitals ) What is current expendature ️️This covers day to day running costs of government (e.g the pay of public sector workers) What is a transfer payment ️️A payment to an individual or firm for w...

National 5 Economics Verified Answers Identify the three agents of the economy ️️Governments, firms and consumers Identify the three reasons for unlimited wants ️️Greed, Technological advancement and replacement How would you describe the shape of a demand curve ️️Slopes down from left to right Identify four types of unemployment ️️Seasonal, frictional, structural and regional Identify the economic cycle ️️Boom, recession, slump and recovery What is the basic ec...

Nat 5 Economics Guaranteed Success The basic economic problem ️️the mismatch of unlimited wants and needs and limited resources. Why do we have unlimited wants ️️greed, successful advertising and innovation Why do we have limited resources ️️Scarcity of goods cause limited resources What the difference between a need and a want? ️️- A need is something you need for survival eg. Food and water - A want is something that makes ur life more pleasant (luxury) e.g TV and pho...

National 5 Economics Guaranteed Success Scarcity ️️Scarcity is the basic economic problem. It occurs because we have unlimited wants for goods and services, due to greed. However we have limited resources. Resources are the factors of production. Opportunity Cost ️️A sacrifice made for the next best alternative. Economic Efficiency ️️Producing goods and services that people most want, at a minimal cost. Demand ️️Being willing and able to buy a good or service at a p...

National 5 Biology Revision Where are nuclei found? ️️In the cells of green plants, animals and fungi. Describe a nucleus's appearance. ️️Large, normally spherical structure containing thread like chromosomes. What is the function of a nucleus? ️️To control a cell's activities and passes information from cell to cell and genetic information (including DNA) from generation to generation. Where are cell membranes found? ️️In the cells of green plants, animals and ...

National 5 Biology Unit 3 Revision Complete Solutions Abiotic Refers to physical factors, such as temperature and light intensity, that affect ecosystems. Adaptation Feature of an organism that helps it to survive. aerobic In the presence of, or involving the use of, oxygen. Algal bloom A seasonal abundance of algae. Ammonium NH4; a nitrogen-containing waste product of decomposition. Biodiversity Refers to the number and abundance of species. Biological control Natura...

National 5 Biology – Ecosystems Verified A+ Habitat ️️Place where an organism lives. Biodiversity ️️The variety of living organisms found in a particular area. What is an ecosystem? ️️All the organisms (the community) living in a particular habitat and the non-living components with which they interact. What is a species? ️️A group of organisms that can interbreed to produce fertile offspring. What is a carnivore? ️️An organism that gets its energy by eating ani...

National 5 Biology - Life on Earth Biodiversity ️️the variety of organisms within an ecosystem. abiotic factor ️️Non-living factor which has an impact on biodiversity e.g. pH, light intensity etc. biotic factor ️️Living factor which has an impact on biodiversity e.g. competition, predation etc. deforestation ️️clearing forests to make way for building, farming or to get natural resources. Decreases biodiversity. distribution ️️Where organisms are found -- can be i...