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Grade 08: Weekly Assignment 02

WEEKLY ASSIGNMENT 02
Grade: 08           
Date: 
Due on: 
Class:

Index:
Name:


Exercise 01. Rearrange the following letters to make meaningful economic terms.

01
P
A
T
I
L
A
C






























02
C
E
O
O
N
S
C
I
M




























03
Y
T
I
C
R
A
C
S





























04
I
N
O
T
U
P
R
D
O
C



























05
T
N
O
I
P
U
M
S
O
C
N


























06
L
E
A
W
H
T































07
E
C
O
N
I
M































08
E
E
E
E
R
N
R
P
R
T
N
U

























09
I
C
E
O
H
C































10
R
S
R
C
S
E
O
U
E
















Exercise 02. Answer the following questions

1. Define the term 'Opportunity Cost’? Give an example
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2. Distinguish between Needs and Wants. Give examples
Needs
Wants
Definition
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Examples
1. …………………………………………
2. …………………………………………
3. …………………………………………
Definition
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Examples
1. …………………………………………
2. …………………………………………
3. …………………………………………

3. What is meant by Resources of an Economy?
……………………………………………………………………………………………………………………….…
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4. Distinguish between Replaceable and Non-replaceable resources?
Replaceable Resources
Non-replaceable Resources
Definition
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………………………………………………
………………………………………………
………………………………………………
Example
…...…………………………………………
Definition
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………………………………………………
………………………………………………
Example
…...…………………………………………

5. Outline the definitions of ‘Economics’ as per different economists.
Adam Smith
Alfred Marshall
Lionel Robins
…………………………….
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