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Grade 08: Weekly Assignment 09

WEEKLY ASSIGNMENT 09
Grade: 08           
Date: 
Due on: 
Class:

Index:
Name:


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.

Singapore is a free market economy whereas North Korea is a command economy.

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 provides to you.
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