WorksheetsINTRODUCTION TO ECONOMICS
Total questions: 10
Worksheet time: 6mins
Addy grew up dreaming of opening a bakery, and through hard work and lots of practice she was finally able to realize her dream. But, although she was able to pick her career and the sort of store she opened, the government decides which resources she gets. Some weeks she can’t make certain things because she doesn’t have the supplies she needs. That worries her, because often the things she can’t make are the things that her consumers are demanding a greater supply of.
TRADITIONAL ECONOMY
MIXED ECONOMY
MARKET ECONOMY
Government of this country is very selfish and run by the military. All decisions were left in the hands of private companies. What is being produced, who gets which resources, and all major decisions are decided by them. The profit earned was a lot but was not shared among anyone apart from a few rich companies. People are not happy as there is no schemes that help the poor and the needy of the country. No one is worried about the welfare of the people and they are very unhappy
MARKET ECONOMY
GLOBAL ECONOMY
CAPITALIST ECONOMY
1. To which economic factor is the management of individual or family finances related.
DEMAND
SUPPLY
INCOME AND EXPENDITURE
A combination of more than one economic system.
CAPITALIST ECONOMY
SOCIALIST ECONOMY
MIXED ECONOMY
Arifa lives in country that really values art and culture. People live in harmony with each other. Government has introduced many schemes funded by public and private enterprise. The companies make a lot of profit. But they also ensure to use the profit made for social welfare schemes. People are happy to live here.
MIXED ECONOMY
TRADITIONAL ECONOMY
SOCIALIST ECONOMY
What kind of economy does the world mostly use today.
TRADITIONAL ECONOMY
MIXED ECONOMY
SOCIALIST ECONOMY
Globalisation aims to create ________ world.
RESTRICTED
BORDERLESS
Economic growth and political stability are deeply interconnected.
TRUE
FALSE
Word economics “oikonomia” , Where is the origin of the word from
FRENCH
LATIN
OLD ENGLISH
GREEK
Economy strives to create a balance between limited resources and_____.
LIMITED NEEDS
LIMITED WANTS
UNLIMITED NEEDS
