Economic Grade 10

What terms is used to describe the way in which an economy is organized and run, including how are resources are best located?

• The basic economic problems

• Scarcity

• Economic Systems

• Economic Agents

Which economic agents are the decision maker in a mixed economy?

• Household, firms and the government

• Household and firms

• Government

• Government and Firms

Which economic system relies on the government to allocate resources?

• Market Economy

• Planned Economy

• Mixed Economy

• Free Market Economy

Mention three basic main economic question addressed by economic agents :

• What to Produce

• How to produce

• When to Produce it

• For whom to produce it

Who produce goods and service for private sector ?

• Government

• Household and Firms

• Firms

• Household

Production of good and services required:

• Resources

• People

• Money

• Raw Material

What's labor referred to in the production proses:

• Machinery

• Land

• Human Resources

• Vehicle

What's the difference between need and a want?

• Need is goods and services that

  are not necessary for survival, while wants are

  the essential goods and services required for human survival.

• Need is the essential goods and services required for human survival, while wants are

  goods and services that

  are not necessary for survival.

• Need is something we want, while want is something we need.

An Economy is divided in how many sector in industry?

• One

• Two

• Three

• Four

The secondary sector in an economy are contained firms that:

• Construct buildings, roads and bridges

• Change raw material into finished goods and shipped it

• Manufacture goods and deliver it to customer

• Manufacture goods and change raw materials into finished good, construct buildings, roads and bridges