Economic systems and review of Chapter I
Answers are for parents and teachers.
1
A farmer can get 45 t of carrots or 90 t of onions from a hectare. What is the opportunity cost of 1 t of carrots in tonnes of onions?
2
2
15 workers made 1 800 items in 6 days. Find one worker's daily productivity.
20
3
Identify the four factors of production using a school canteen.
Natural – water and the land the canteen stands on; capital – cooker, dishes, the building, ingredients (raw materials); labour – cooks; entrepreneurial – the person who organises and runs the canteen.
4
Describe three economic systems in one plain sentence each.
Traditional – decisions by custom; centrally planned – by the state's plan; market – by demand and supply.
5
Why is the statement that needs are unlimited and resources limited true for all economic systems?
Because it depends on human nature and natural resources, not on the system: in any system choices have to be made.