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

……………………………………………………………………………………………………………………….…

……………………………………………………………………………………………………………………….…

……………………………………………………………………………………………………………………….…

2. Distinguish between Needs and Wants. Give examples

Needs	Wants
Definition ……………………………………………… ……………………………………………… ……………………………………………… ……………………………………………… Examples 1. ………………………………………… 2. ………………………………………… 3. …………………………………………	Definition ……………………………………………… ……………………………………………… ……………………………………………… ……………………………………………… Examples 1. ………………………………………… 2. ………………………………………… 3. …………………………………………

3. What is meant by Resources of an Economy?

……………………………………………………………………………………………………………………….…

……………………………………………………………………………………………………………………….…

……………………………………………………………………………………………………………………….…

……………………………………………………………………………………………………………………….…

4. Distinguish between Replaceable and Non-replaceable resources?

Replaceable Resources	Non-replaceable Resources
Definition ……………………………………………… ……………………………………………… ……………………………………………… ……………………………………………… Example …...…………………………………………	Definition ……………………………………………… ……………………………………………… ……………………………………………… ……………………………………………… Example …...…………………………………………

5. Outline the definitions of ‘Economics’ as per different economists.

Adam Smith	Alfred Marshall	Lionel Robins
……………………………. ……………………………. ……………………………. ……………………………. ……………………………. …………………………….	……………………………. ……………………………. ……………………………. ……………………………. ……………………………. …………………………….	……………………………. ……………………………. ……………………………. ……………………………. ……………………………. …………………………….