INTRODUCTION TO ECONOMICS

Addy grew up dreaming of opening a bakery, and through hard work and lots of practice she was finally able to realize her dream. But, although she was able to pick her career and the sort of store she opened, the government decides which resources she gets. Some weeks she can’t make certain things because she doesn’t have the supplies she needs. That worries her, because often the things she can’t make are the things that her consumers are demanding a greater supply of.

• TRADITIONAL ECONOMY

• MIXED ECONOMY

• MARKET ECONOMY

Government of this country is very selfish and run by the military. All decisions were left in the hands of private companies. What is being produced, who gets which resources, and all major decisions are decided by them. The profit earned was a lot but was not shared among anyone apart from a few rich companies. People are not happy as there is no schemes that help the poor and the needy of the country. No one is worried about the welfare of the people and they are very unhappy

• MARKET ECONOMY

• GLOBAL ECONOMY

• CAPITALIST ECONOMY

1. To which economic factor is the management of individual or family finances related.

• DEMAND

• SUPPLY

• INCOME AND EXPENDITURE

A combination of more than one economic system.

• CAPITALIST ECONOMY

• SOCIALIST ECONOMY

• MIXED ECONOMY

Arifa lives in country that really values art and culture. People live in harmony with each other. Government has introduced many schemes funded by public and private enterprise. The companies make a lot of profit. But they also ensure to use the profit made for social welfare schemes. People are happy to live here.

• MIXED ECONOMY

• TRADITIONAL ECONOMY

• SOCIALIST ECONOMY

What kind of economy does the world mostly use today.

• TRADITIONAL ECONOMY

• MIXED ECONOMY

• SOCIALIST ECONOMY

Globalisation aims to create ________ world.

• RESTRICTED

• BORDERLESS

Economic growth and political stability are deeply interconnected.

• TRUE

• FALSE

Word economics “oikonomia” , Where is the origin of the word from

• FRENCH

• LATIN

• OLD ENGLISH

• GREEK

Economy strives to create a balance between limited resources and_____.

• LIMITED NEEDS

• LIMITED WANTS

• UNLIMITED NEEDS