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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. 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.
a)
What features do you expect from an economy like Singapore
………………………………………………………………………………………………………………………….
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b)
What
advantages might be available in Singapore
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c)
What is meant by price mechanism?
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d)
What is the role of the government in
the planned economy?
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e) How
would you explain your own economy?
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f) Write a paragraph about the goods and
services the government of Maldives
………………………………………………………………………………………………………………………….
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