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WorksheetsGrade:6 -UAESS (Periodic Assessment 3-Nov-2020)
Total questions: 29
Worksheet time: 27mins
Give your full name.
Enter your email id ending with @gvislain.com
Enter your four digit number only.(Numbers only.)
Name of the exam.
Date of the exam.
Imagine you are going to introduce the term "Scarcity" to your friends, So which of the following description you will be choose as a definition for this term .
Scarcity is created by the limited amount of a resource that is available in nature ,to meet unlimited wants and needs.
An unlimited amount of resources to meet limited wants and needs.
When people use time and energy to create events.
A city where individuals commit themselves to unlimited wants and needs
Which of the following BEST defines export?
The sale of a domestically manufactured good in its domestic market.
The purchase of a domestically manufactured good in its domestic market.
selling goods to another country.
Only making one kind of product.
Find out - If a country does not have a particular item, they may do this to get the item into their country.
Report -Give a spoken or written account of something that one has observed, heard, done, or investigated.
Export.-Export refers to a product or service produced in one country but sold to a buyer abroad.
Support- Support, maintain, sustain, uphold all mean to hold up and to preserve.
Import- buying goods from another country
Critically examine the reason for the following question:-
Why might a country import goods instead of making everything itself?
A country imports goods to boost the villages in a country.
A country imports good for the economic prosperity of other countries.
A country imports good for keeping business with other countries to boost the the economy.
A country is not importing the good, instead of importing countries are making everything itself.
Economics is the study of:- Select the correct option from the following.
Economic is the study about Production technology is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output).
Economic is the study about Consumption decision, it is an act or process of consuming consumption of food consumption of resources.
Economics is the study of how people make choices about what they want to buy.
Economic is the study about to make the best way to run society
Point out:- Why does scarcity exist?
No sufficient resources to satisfying everyone's wants or the absence of resources.
Each year workers tend to produce less than previously .
Machines wear out in time.
In economy there is no scarcity.
Who am I?
(a) I am the father of Economics.
(b) An Inquiry into the Nature and Causes of the Wealth of Nations are the two books written by me.
(c) I gave importance for free markets.
Adam Smith.
Alfred Marshall.
Paul Samuel son.
Plato.
Select the correct order of four factors of production :-
Land, Capital, Need & Want.
Land, Labor, Capital, Entrepreneurs.
Water, Air, Food & Shelter.
Land, Capital, Good & Service
Steve Jobs the founder of Apple is holding up an I-phone. What is the another name for someone who starts a business or for a special talented person.?
Entrepreneur.
Land.
Labour.
Capital.
This factor involves money, equipment, infrastructure , technology and tools and any items to produce goods and services, which helps the country produce more goods.
Search your answer in the following options.
Labour.
Land.
capital.
Enterprises.
Which of the following Explanation is the meaning of Labour.?
Labor is the effort that people contribute to the production of goods and services. It is the most abundant resources in developing countries.
Labour refers to the natural resources—trees, water, minerals, and food—that country possesses.
Labour refers to the money, technology, and infrastructure of a country, which helps the country produce more goods.
None of this.
Your friend and you decide to open a snow cone stand. The stand and the snow cone machine are examples of which factor of production?
Natural Resources- Any natural substance that humans use can be considered a natural resource.
Entrepreneurship-enterprise is about the knowledge that can help people use their labour, land, and capital effectively to develop the country’s economy.
Capital Resources- Capital refers to the money, technology, and infrastructure of a country, which helps the country produce more goods.
Land-Land refers to the natural resources—trees, water, minerals, and food—that country possesses
Scarcity is created by the limited amount of a resource that is available in nature, search the different types of scarcity which a country faces?
A country may have a scarcity of water, or natural resources, or even skilled people.
A country may have a scarcity of infrastructure—hospitals, roads, and electricity
Both a and b.
None of this.
Why do we trade? -Explain.
Countries trade with each other when, on their own, they do not have the resources, or capacity to satisfy their own needs and wants so for satisfying the needs we are doing the trade.
Countries trade with each other, for boosting the economic prosperity of neighboring countries, because all countries would then have to produce every good their citizens wish to.
Examine how the scarcity is influencing a country or an economic system.?
Almost all countries have a scarcity in one or another of these essential resources. This scarcity influences governments to make trade agreements with other countries to provide these resources.
A country such as Sri Lanka may not have land resources to trade. However, it has labour resources. So, workers emigrate from Sri Lanka to other countries to find jobs and contribute to the economy.
scarcity influence international trade, leading to the growth of national economies.
All of the above.
"Scarcity can also happen suddenly to a country’s economy."-Justify this statement by using proper answer from the following.
A rich country may have a very destructive war.
A natural disaster may occur : an Earthquake, volcano, or tsunami.
Both a and b.
Analyze the meaning of Enterprises:-
Enterprise is about the knowledge that can help people use their labour, land, and capital effectively to develop the country’s economy.
Enterprises refers to the money, technology, and infrastructure of a country, which helps the country produce more goods.
Enterprises is the effort that people contribute to the production of goods and services. It is the most abundant resources in developing countries.
Enterprises refers as a country’s workforce, or all of the people that are working in the country to produce things
Imagine You may want many things, but you only
have enough money to buy some of those things.
Not having enough of something, such as money
or resources, is called scarcity.
which of the following term is acceptable for avoiding this situation.
Choice-we need to make choices about what will make us as happy as possible.
Supply- Increase the supply of products.
Inefficient Resource allocation- refers to a situation in which the distribution of resources
None of this.
Use the picture to answer the question.
Which factor of production is this?
capital- Capital refers to the money, technology, and infrastructure of a country, which helps the country produce more goods.
Entrepreneur- enterprise is about the knowledge that can help people use their labour, land, and capital effectively to develop the country’s economy.
Land - Land refers to the natural resources, trees, water, minerals, and food, that country possesses.
Labour- Labor is the effort that people contribute to the production of goods and services
The term "factors of production" means:-
Things or skills needed to produce goods or services
The resources of the government.
How society creates jobs.
How we spend our money.
Choose the exact meaning of trade:-
Taken a service or good into another country.
The exchange of goods and services or buying and selling of products with other countries.
A type of barrier.
Confits between two countries.
Read the passage and answer the following question.
A market is a place where two parties can gather to facilitate the exchange of goods and services. Marketing is important because it helps you sell your products or services. The bottom line of any business is to make money and marketing is an essential channel to reach that end goal. Creatives explained that without marketing many businesses wouldn't exist because marketing is ultimately what drives sales.
Define market :-
A market is a place where two parties can gather to facilitate the exchange of goods and services.
A market is a public display of works of art or items of interest, held in an art gallery or at a trade fair.
A market is place a where people gather or meet.
A market is a pace for an assembly of people for a particular purpose, especially for formal discussion.
List out the advantages of trade:-
Availability of a wide variety of goods.
Understanding and cooperation between countries.
Benefiting from currency exchange.
All of the above.
select the disadvantage of trade:-
Cultural Differences.
Returning Products.
Language Barriers.
All of the above.
