MY
FIFTH 20 QUESTIONS
|
||
Grade:
08
|
Date:
|
Due
on:
|
Class:
|
Index:
|
Name:
|
Answer the following 20 Questions.
1. What
is meant by resource allocation?
2. List
the three questions of allocation?
3. Name
the two methods of production?
4. Why
are there sometimes conflicts of interest when a country decides to exploit its
resources?
5. What
is meant by economic system?
6. Describe
the three types of economic system?
7. Give
an example for three types of economic system?
8. List
the features of market economy?
9. What
is meant by price mechanism?
10. Explain
how the price mechanism determines prices in the market economy?
11. Identify
the advantages of market economy?
12. List
the disadvantages of market economy?
13. What
are the features of planned economy?
14. Identify
the advantages of planned economy?
15. What
are the disadvantages of planned economy?
16. Why
do government exercise control over the economy?
17. Compare
market and command economy?
18. List
the features of mixed economy?
19. Identify
the advantages of mixed economy?
20. What
are the disadvantages of mixed economy?
