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My Fifth Twenty Questions

Grade: 08           
Due on: 


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?

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