Quiz 2

Economic activities are those activities that are done with a view to earn a reward.

 
 

All our wants can be satisfied because resources get discovered everyday.

 
 

Scarcity means producing less goods and services in a given time period.

 
 

The most important economic problem is that the resources used to satisfy our wants are limited in supply.

 
 

The price given for labour is usually called salaries and wages.

 
 

Capital includes the money input by the owner plus the fixed assets such as machinery and tools used for the production.

 
 

There still are many ‘traditional economies’ in the world even today.

 
 

Traditional economies depend on what their people can gather from their surroundings and people have a subsistent life style

 
 

In command economies the government decides on what will and must be the needs of the citizens.

 
 

Almost half of all countries have command economies.

 
 

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