Introduction to economics
Answers are for parents and teachers.
1
Choose one product your family consumed during a day and describe in 4–5 sentences its path through the four stages.
Sample: milk – milked on a farm (production), delivered to a shop (distribution), bought (exchange), drunk (consumption).
2
Name one firm in your district or neighbourhood (a bakery, a tailor's workshop, a shop): how do people, nature and man-made things appear in its work?
Sample (bakery): people – the baker and the seller; nature – wheat; man-made things – the oven and the building.
3
Give three examples: when will economic knowledge be useful whatever your profession?
For example: when planning a family budget, when comparing prices before buying, when understanding wages and taxes.
4
Micro or macro? a) How much cotton was grown in the whole country in a year? b) How much did my family pay for electricity this month?
a) macroeconomics (the whole country); b) microeconomics (one family).