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Worksheets1.1 Basic Economic Concepts
Total questions: 16
Worksheet time: 9mins
(a) is the study of resources, its utilization and how decesions are made to satisfy unlimited wants with limited resources
Basic necessities of life are called
wants
resources
capital
needs
The basic economic problem is
scarcity
wants
Lunch
book
Select example of needs from below
Food
Water
iphone
shelter
Things we desire to have are called
Needs
Wants
Resources
Phone
Which one of the following is a type of resource
Economics
Scarcity
Natural resource
Wants
(a) are the inputs required to produce output
Select the types of resources from below
Non renewable resources
Natural resources
Human resources
Manufactured resources
Selection between two or more commodities are called
Opportunity cost
Choice
Scarcity
Alternative use of resources
Oil is an example of
Renewable resources
Non renewable resources
Human resources
Capital
Next best desired alternative forgone is called
Choice
Book
Want
Opportunity cost
consumption is
producing goods and services
using natural resources
use of goods and services to satisfy our wants
wasting resources
Physical and tangible things you buy are called
services
wants
goods
needs
any place where buyers and sellers come together with potential of transaction is
Market
House
Economy
Speaker corner
Demand is created by
Suppliers
Consumers
Producers
No one
how much of a good or service market can offer at a given price at a given period of time is called
Demand
Supply
Consumers
Market
