Grade 08: Weekly Assignment 10

WEEKLY ASSIGNMENT 10
Grade: 08	Date:
Class:	Index:	Name:

Exercise 01. Underline the one you consider correct.

1. The income earned by the factor of production, ‘enterprise’ is

a)         interest                        

b)         profit

c)          rent                                         

d)         wages or salaries

2. The resources used by countries to produce goods and services are called

a)            Factors of production

b)            Sectors of production

c)             Production

d)            Productivity

Grade 08: Weekly Assignment 09

WEEKLY ASSIGNMENT 09
Grade: 08	Date:	Due on:
Class:	Index:	Name:

Exercise 01. Fill in the blanks by using the following words.

Price                 Firms                Process             Demand

Market              Production         Resources         Scarce

Price mechanism refers to the ………………………… by which prices are determined by the ………………………… forces of demand and supply. In a Laissez Fair Economy, resources are allocated by the ………………………… mechanism. When demand for a particular good increases, it will become more ………………………… and its price will increase. As it becomes more profitable ………………………… will use more resources for its production. When the ………………………… for a particular product falls its price falls and it becomes less profitable. Few ………………………… will be used for its ………………………… now. In a Market Economy changes in price act as a signaling device to producers and consumers causing them to change their plans.

Exercise 02. Answer the following structured question.

Singapore is a free market economy whereas North Korea is a command economy.

Grade 08: Weekly Assignment 08

WEEKLY ASSIGNMENT 08
Grade: 08	Date:	Due on:
Class:	Index:	Name:

Exercise 01. Memorize the spelling of the following words.

1.     RESOURCES 2.     ENOUGH 3.     SUPPLY 4.     PRODUCE 5.     SERVICES 6.     SATISFY 7.     WANTS 8.     OPPORTUNITY 9.     ALLOCATION 10.  APPORTIONMENT 11.  SOLUTION 12.  COMMON 13.  DEMAND 14.  DECIDE 15.  PRODUCTION

16.  QUALITY 17.  QUANTITY 18.  AVAILABLE 19.  FIRM 20.  PROCESS 21.  LABOUR 22.  METHOD 23.  INTENSIVE 24.  EMPLOY 25.  CAPITAL 26.  DISTRIBUTION 27.  INCOME 28.  CONSUMPTION 29.  UTILIZATION 30.  INCREASE

Grade 08: Weekly Assignment 07

WEEKLY ASSIGNMENT 07
Grade: 08	Date:	Due on:
Class:	Index:	Name:

Exercise 01. Compare the two types of economic system.

Type	Market Economy	Planned Economy
Definition	………………………………………………………. ……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….	………………………………………………………. ……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….
Features	……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….	……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….
Advantages	……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….………………………………………………………. ……………………………………………………….……………………………………………………….	……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….……………………………………………………….………………………………………………………. ……………………………………………………….……………………………………………………….

Grade 08: Weekly Assignment 06

WEEKLY ASSIGNMENT 06
Grade: 08	Date:	Due on:
Class:	Index:	Name:

Exercise 01. Complete the following puzzle

O

P

R

N

C

L

L

R

W

L

C

G

E

S

I

S

C

S

P

W

I

I

D