Economics Common Sense

Tara is a students, she really wants to buy a new book for school

• Need

• Want

How can needs and wants be fulfilled

• From our wish

• From our neighborhood

• From ourselves

These are the example of some Developing Countries

• Indonesia

• Cambodia

• Thailand

• Singapore

These are example of Goods

• Teacher

• Students

• Bread

• Shoes

• Gardener

A direct exchange of goods and services that

satisfies the need and want of people is called...

• Direct trade

• Barter

• Economy

What is the currency of India?

• Rupiah

• Rupee

• Dollar

We want to buy so many things when we travel, but what should we do first when we want to go to travel abroad?

The law of demand stated that, when the price is ... so the demand will low

A hot and humid summer has set weather records and has extended for several weeks. The effect on supply and price of lemonade stands will be

• Supply will need to increase and price should decrease

• Supply will stay the same and price should decrease

• Supply will need to increase and price should increase

Definition of barter

• Offer your services for free

• How much of something is available

• Exchange or trade services without payment