Humanities - Chapter 3 [Economics]

Why does every individual have different needs especially if they come from different countries or regions?

• because the culture is different

• because the climate is different

• because everyone has different taste of needs

• because the natural resources are different

Which of the following are the benefits of training?

• to ensure security

• to gain profits

• to support the economy

• to fulfill our needs

"a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions," is called ....

• cost

• profit

• tax

• revenue

"A person, company or organization that has an influence on the economy by producing, buying or selling," is called ...

• government

• producer

• consumer

• economic agent

________ firms or companies that make goods or services.

• Producer

• Consumer

• Distributor

• Government

An independent person or legal entity that sells goods locally on behalf of a principal is called ....

• Producer

• Distributor

• Consumer

• Government

Collect tax which then spends it on public services/goods and regulations.

• Producer

• Distributor

• Consumer

• Government

Example:

David, Emily, and Keila are all enrolled by their parents at SMS to receive an education.

This is an example of which economic agent?

• Producers

• Distributors

• Consumers

• Government

Guess the economic agent:

Role - to provide labour to firms and purchase goods and services

• producers

• distributors

• consumers

• government

Guess the economic agent:

Role - to employ factors of production

• producers

• distributors

• consumers

• government