Economic Systems and Production Methods

Maldives follows a:

• Command economic system

• Market economic system

• Mixed economic system

• Traditional economic system

Identify the method of production from the given picture.

• Batch Production

• Flow production

• Job production

• Mass production

What is the argument for government intervention in an economy?

• To make the distribution of income uneven

• To prevent private sector firms from overcharging the consumer

• To encourage the consumption of harmful goods

• To increase the prices of goods and services

Zaha is planning to open a bakery near her town. She's planning to make cupcakes, cookies and brownies. Suggest a method of production she will be using to produce these goods. She's making 100 of each goods.

• Batch production

• Flow production

• Mass production

• Job production

A farmer hires 4 labours to work in his farm will be using

• Labour intensive production

• Mass production

• Capital intensive production

• Flow production

Inputs are referring to the

• Final product

• Raw materials

• Machineries that are used

• Final outputs

Which one of the following is Not true about traditional economic system

• Cherish tradition and value

• Low economic growth

• Free market with high influence of government

• Preserves heritage and its traditions

Strategic process whereby an organization plans to use its available resources are known as :

• Allocation of resources

• Methods of production

• Production

• Sectors of production

Define economic system?

Identify and explain the economic system Maldives follows with the reason?