WorksheetsEconomics
Total questions: 19
Worksheet time: 10mins
Represent the producers of goods and services in the economy
Roles of the household sector
Roles of the business sector
Roles of the foreign sector
Roles of the government sector
They provide the legal and social framework
Roles of the government sector
Roles of the household sector
Roles of the business sector
Roles of the foreign sector
They provide labor as an input in the production process
Roles of the business sector
Roles of the government sector
Roles of the household sector
Roles of the foreign sector
They buy goods and services from the business sector using their supply inputs' money
Roles of the government sector
Roles of the business sector
Roles of the foreign sector
Roles of the household sector
It is when a country cannot satisfy their needs effectively between the closed economy: household, business, and the government
Roles of the household sector
Roles of the business sector
Roles of the foreign sector
Roles of the government sector
They provide correct for externalities and stabilize the economy
Roles of the business sector
Roles of the government sector
Roles of the household sector
Roles of the foreign sector
It is a place in the market for goods and services where resources are bought and sold
Product market
Resource market
Mixed economy
Market economy/capitalism
They are trading with the other countries to gain strong economy so that they will be able to satisfy the needs of their people
Roles of the government sector
Roles of the business sector
Roles of the household sector
Roles of the foreign sector
It is a place where goods and services produced by businesses are bought and sold to the household
Resource market
Product market
Mixed economy
Command economy
Is an economic analysis which judges economic condition "as it should be"
Positive economics
Normative economics
Traditional economy
Command economy
Is an economic analysis that considers economic conditions "as they are" or "as it is"
Positive economics
Normative economics
Traditional economy
Command economy
It answers the question "what should be"
Positive economics
Normative economics
Traditional economy
Command economy
It means all other things are constant or all else equal
Socialism
Ceteris paribus
Cateris parabus
Capitalism
A subsistence economy, a family produce goods only for its own consumption
Traditional economy
Command economy
Market economy/capitalism
Socialism
Wherein the manner of production is dictated by the government
Traditional economy
Command economy
Market economy/capitalism
Socialism
Resources are privately owned and the people themselves make the decision
Market economy/capitalism
Socialism
Mixed economy
Mixture of market and command system
Mixed economy
Socialism
Product market
Wherein the key enterprises are owned by the state
Command economy
Market economy/capitalism
Socialism
Traditional economy
Choose 2 of 4 factors of production
LAND includes natural resources
ENTREPRENEUR is the risk taker and innovator that organizes the other factors
Rent for land
Interest for capital
