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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
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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
Planned
Economy
0. Government answers the questions of allocation
F
T
1. Consumers have freedom of choice


2. Workers can choose any job


3. Producers can not decide what to produce


4. Prices are solely fixed by the government


5. Individuals have private property right


6. Economic activities are aimed at profit


7. Economic activities are well planned


8. Production is aimed at general welfare


9. Resources are owned by the government


10. Consumers are sovereign


11. Public goods are provided


12. Merit goods are not provided


13. Education is freely provided


14. Individuals work for their own interest


15. Competition is present


16. It quickly responses consumer wants


17. Economic activities are free from instability


18. Prices are determined by demand and supply


19. Consumers are uncrowned kings


20. Income and wealth are equally distributed



Exercise 03. Write a paragraph on ‘the resources of an economy’?

Resources are …………………………………………………………………………………………………
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