2018 - WAEC Economics Past Questions and Answers - page 5

The principle of comparative cost states that; 
international trade takes place between two countries when the ratios of comparative cost of producing goods differ, and each country would specialise in producing that commodity in which it has a comparative advantage.

Comparative cost advantage is when a country produces a good or service for a lower opportunity cost than other countries.

International Trade promotes economic growth, efficiency, technological progress, and what ultimately matters the most, consumer welfare. By lowering prices and increasing product variety available to consumers, trade especially benefits middle- and lower-income households.

An economic community can be understood as any economic and/or political alliance which is specifically designed to foster trade and cooperation among its member countries. It's underlying purpose is to reduce trade barriers and increase cooperation among its members.

TheThe International bank for reconstruction and development (IBRD), now known as The World Bank provides low-interest loans, interest-free credit, and grants. It focuses on improving education, health, and infrastructure. It also uses funds to modernize a country's financial sector, agriculture, and natural resources management.

under-employed is : the condition in which people in a labor force are employed at less than full-time or regular jobs or at jobs inadequate with respect to their training or economic needs. In one usage, underemployment describes the employment of workers with high skill levels and post-secondary education who are working in relatively low-skilled, low-wage jobs. For example, someone with a college degree may be tending bar, or working as a factory assembly line worker.

(of a person) not having enough paid work or not doing work that makes full use of their skills and abilities.

the extraction of crude oil in a country will lead to a correspondent increase in the manpower / labour required.

A natural resource is what people can use which comes from the naturalenvironment. Examples of natural resources are air, water, wood, oil, wind energy,natural gas, iron, and coal.

solar energy is man made which has the sun as its basic source of energy