Economics in the UAE

What is the key concept in this unit?

• Global Interactions

• Scarcity

• Resources

• Money

Something which is used to produce goods and services.

• Resource

• Material

• Money

• Economics

When the demand for a good or service is greater than the availability of the good or service. This is the concept of...

• Scarcity

• Growth

• Sustainability

• GDP

an increase in the economy of a country, especially of the value of goods and services that country produces

• Economic Growth

• GDP

• Scarcity

• HDI

Which of the following is the French term which refers to limited government intervention in the market?

• Laissez-Faire

• Merci

• Pous le Vous

• A la Carte

The quantity of a product that a producer is willing and able to sell

• Supply

• Demand

• Scarcity

• Sales Strategy

The quantity of a product that a consumer is willing and able to buy

• Supply

• Demand

• Scarcity

• Desire

Which of these images best describes the term "Diversification"?

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Answer explanation

Diversification is spreading money / investment in multiple areas.

Hence, the multi pie graph to represent not putting 'all the eggs in one basket'

Which of the following images best describes a "shortage"?

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• 

Answer explanation

This is because consumers 'bid up' the price in a shortage.

Which of these images best describes a 'surplus'?

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Answer explanation

This is because if there is a surplus, then producers will lower the price to clear (get rid of) excess stock