Grade (7) Social Studies Revision

The Quaternary Economic Activity is defined as

• adding value to natural resources.

• the specialized knowledge sector.

• extracting or refining natural resources.

• providing services for consumers and businesses.

Teachers, doctors, nurses, and real estate agents are examples of ……

• Primary Economic Activity

• Secondary Economic Activity

• Tertiary Economic Activity

• Quaternary Economic Activity

It is the amount of product or service you, as a producer, are willing to make available.

• Supply   

• Shortage

• freedom

• Recession

What is the first thing that rings the warning bell in a country?

• Stock Market

• Recession

• Personal Consumption

• Government Spending.

It includes manpower needed to turn raw material into finished products and services.

• Gross Domestic

• Personal Consumption

• Labor

• Net Export

It refers to how much of that product or service people are willing to buy.

• Personal Consumption.

• Business Investment.

• Government Spending

• Demand

What is Socialism?

• It is an economic system where individuals own all resources and factors of production.

• It is an economic system in which the government owns the means of production. 

•    It is an economic system that is in between capitalism and communism.

• It is an economic system where is no involvement by the government.

What are the human basic needs?

• They are clean water and food only

• They are clean water, food, shelter, and health.

• They are clean water, food, shelter, health, and education.

• They are clean water, shelter, health, and education.

Fill in the blanks with a suitable word

1. _______ is the money people receive for their work.

wages - stocks - bond - recession - poverty

Fill in the blanks with a suitable word

2. _______ are shared in a company

wages - stocks - bond - recession - poverty