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Section C: (25%) What other elements can describe the feature of economy? List at least three of them a explain each of them respectively.
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Answer #1

An economy can be described by its per capita income level of unemployment and infrastructure.

Per capita income refers to the average income earned a person in a specific area in a given period. It is calculated by dividing the total income of the specific area by the total population of that area. Unemployment refers to the proportion of the workforce which has no work. Inset measures the number of people who are willing and able to work but do not find work. Infrastructure refers to basic organisational and physical facilities required for the operation of an economy.

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