Lesson 3 Economy of the NCR

TRUE or FALSE. Resources are unlimited and readily available.

• TRUE

• FALSE

TRUE or FALSE. Producers are people selling goods and services.

• TRUE

• FALSE

TRUE or FALSE. Human resources are the tools and equipment used to make other products.

• TRUE

• FALSE

TRUE or FALSE. You are considered in a state of poverty or have a poor condition if you are able to provide for your essential needs.

• TRUE

• FALSE

TRUE or FALSE. Sisterhood means earning or getting what is needed to live.

• TRUE

• FALSE

All are factors that affect trade and business, except one:

• livelihood

• needs

• wants

• number of goods and services

Rice is one essential need in a Filipino household. If there is a shortage in the supply, what would happen?

• The price of rice may increase

• The price of rice may go down

• The price of rice just be the same

All are intangible products, except one:

• garbage collection

• milk tea

• delivery

TRUE or FALSE. Philippine Dollar is the money that we use in the Philippines.

• TRUE

• FALSE

TRUE or FALSE. The economy is a system for providing resources to meet only the people's wants.

• TRUE

• FALSE