Economic Concepts and Trade Dynamics

The lesson covers the interdependence of resources and the economy, focusing on revenue, trade, and the importance of natural resources. It highlights Pakistan's agriculture-based economy, emphasizing the need for increased exports and reduced imports. The lesson also discusses the risks of over-reliance on imports and encourages self-sufficiency. Students are prompted to consider the implications of economic dependence.

What is the primary objective of today's lesson?

• To discuss global warming

• To learn about the history of trade

• To understand the interdependence of resources

• To explore the geography of Pakistan

Which of the following best describes revenue?

• The total expenses of a company

• The income from selling products and services

• The number of employees in a company

• The amount of taxes paid by a company

What is the main difference between domestic and international trade?

• Domestic trade involves only services

• International trade is only about importing goods

• Domestic trade occurs within a country, while international trade involves multiple countries

• International trade is cheaper than domestic trade

Why is it important for a country to increase its exports?

• To reduce the need for skilled workers

• To increase dependency on other countries

• To improve economic growth

• To decrease the production of finished goods

Which of the following is NOT a major export of Pakistan?

• Rice

• Crude oil

• Textile

• Leather

What is a potential risk of a country importing everything?

• It will become more self-sufficient

• It will lose the ability to produce its own goods

• It will have an abundance of natural resources

• It will have a stronger economy

Which country does Pakistan import car parts from?

• China

• Japan

• India

• Germany

Why is it crucial for a country to utilize its own resources?

• To ensure independence during crises

• To increase the import of raw materials

• To increase its dependency on imports

• To reduce the need for skilled labor

What is the impact of natural calamities on trade?

• They have no impact on trade

• They can disrupt trade by closing borders

• They increase the demand for imports

• They make exports cheaper

How can specialization benefit a country's economy?

• By making imports more expensive

• By increasing the efficiency and quality of production

• By decreasing the number of skilled workers

• By reducing the need for exports