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Grade:
08
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Date:
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Due
on:
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Class:
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Index:
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Name:
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Exercise
01. Compare the two types of economic
system.
Type
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Market Economy
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Planned Economy
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Definition
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Features
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Advantages
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Exercise 02. Identify whether the following statements are True (T) or False (F) for the two types of economic system given below.
Market
Economy
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Planned
Economy
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0. Government answers
the questions of allocation
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F
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T
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1. Consumers have freedom
of choice
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2. Workers can choose
any job
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3. Producers can not
decide what to produce
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4. Prices are solely fixed
by the government
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5. Individuals have
private property right
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6. Economic activities
are aimed at profit
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7. Economic activities
are well planned
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8. Production is aimed
at general welfare
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9. Resources are owned
by the government
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10. Consumers are
sovereign
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11. Public goods are
provided
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12. Merit goods are not
provided
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13. Education is freely
provided
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14. Individuals work for
their own interest
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15. Competition is
present
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16. It quickly responses
consumer wants
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17. Economic activities
are free from instability
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18. Prices are
determined by demand and supply
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19. Consumers are
uncrowned kings
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20. Income and wealth
are equally distributed
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Exercise 03. Write a
paragraph on ‘the resources of an economy’?
Resources are
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