Skip to main content

My Second Twenty Questions

Grade: 08           
Due on: 


Answer the following 20 Questions.

1.    Why do you face the problem of scarcity?
2.    What are the three questions of allocation?
3.    What is meant by choice?
4.    What is meant by opportunity cost?
5.    Give one example of opportunity cost on your own?
6.    What is production possibility curve?
7.    Give three other names for production possibility curve?
8.    Name two ways to shift production possibility curve to right?
9.    What are goods?
10. What are services?
11. Name the two main types of goods?
12. What are free goods? Give two examples.
13. What are economic goods? Give two examples.
14. Name the two types of economic goods?
15. What are consumer goods? Give two examples.
16. What are capital goods? Give two examples.
17. What is meant by wealth?
18. Name the three types of wealth?
19. What is income?
20. What are the four sources of income?

Popular posts from this blog

Factors of Production and their Rewards

Type Definition Reward Land Labour Capital Enterprise All natural resources The physical and mental works of people All man made tools and machines All managers and organizers Rent Salary/Wage Interest Profit/Loss

Factors Affecting Geographical Mobility of Labour

Geographical Mobility of Labour refers to the movement of workers from one place to another place.  It depends upon; ·     cost of housing ·     cost of relocation ·     availability of social amenities ·     family ties etc

Factors Affecting Occupational Mobility of Labour

Occupational Mobility of Labour refers to the movement of workers from one occupation to another occupation. It depends upon; ·     the facilities for training and retraining ·     wage differentials ·     job security ·     future prospects ·     fringe benefits etc