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2010 WAEC Economics Theory (a) Explain with examples the following types of production (i) Primary [4 marks] (ii) Secondary...

Economics
WAEC 2010

(a) Explain with examples the following types of production (i) Primary [4 marks] (ii) Secondary [4 marks] (iii) Tertiary [4 mark] 
(b) Give two reasons why primary production pre-dominates in developing countries [8 marks] 

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Explanation

(a)(i) Primary production: This involves the extraction of raw materials in their natural form from land, sea and air e.g. products from agriculture, mining,quarrying, fishing 
(ii) Secondary production: This entails the conversion of basic raw materials or semi-finished commodities to their final forms that are acceptable to the consumers, i.e. the raw materials extracted from soil and sea are processed and transformed into garri, clothes, houses, motor cars etc. 
(iii) Tertiary production: This type of production includes commercial and professional services. All those who provide commercial services such as wholesalers, retailers and transporters are involved in the tertiary production. It also includes persons who perform direct or professional services such as doctors, lawyers and barbers.

(b)(i) inadequate capital 
(ii) low technology 
(iii) shortage of relevant skills 
(iv) inadequate infrastructure
(v) inadequate entrepreneurial capacity 
(vi) small market size 
(vii) lack of research support to push the
secondary and tertiary sectors


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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995