Unit 02 / lesson 01
Answers
Activity 01: All these sentences are wrong. Underline the mistakes and correct them (There
may be more than one mistake in each sentence).
1- economic products are goods and services that are useless
- economic products are goods and services that are useful
2- cheese, phone , jeans are capital goods
- cheese, phone , jeans are consumer goods
3- durable goods are any type of manufactured items that are not intended to last for an
extended length of time .
- Non durable goods are any type of manufactured items that are not intended to last for
an extended length of time .
4- Economics is the study of what constitutes rational human behavior to fulfill limited needs
with unlimited wants.
- Economics is the study of what constitutes rational human behavior to fulfill unlimited
needs with limited resources.
5- Services is work that is performed for someone. Services are material. They can be
touched and felt.
- Services is work that is performed for someone. Services are immaterial. They cannot
be touched and felt.
Activity 02: Give synonyms, and opposites to these words.
words synonyms words opposites
Tangible Material Useless Useful
Infinite Unlimited Excess Scarcity
Severe Intense Weak Strong
Total Sum Few Vast
Activity 03: fill in the gaps with the following words: debts, salary, lost, costs profit, cash,
price, budget.
1. The price is just too expensive
2. When you buy a new house there are so many costs
3. Most people have trouble balancing the budget
4. We had a big profit this year
5. The company lost more than 600.000 euro due to the pandemic
6. We’ve got a lot of cash to spend
7. I get my salary at the end of every month
8. We are really in debt now
Unit 02/ Lesson 02
Answers
Activity01: comprehension question
1- Name the three essential economic activities.
production, exchange and consumption.
2-What are 3 main sectors in the economic activities?
Primary Sector /Secondary Sector/Tertiary Sector
3- What are two types of economics?
- Two major types of economics are microeconomics, which focuses on the behavior of
individual consumers and producers, and macroeconomics, which examine overall economies
on a regional, national, or international scale
4- Based on the definitions in the text, provide a comprehensive definition of economics?
economics is the science that studies the best and optimal utilization of the available productive
resources to satisfy the greatest extent of human needs.
Activity02: Fill in the gap with the correct answer.
Q: _____ is the economic activity that comprises the transformation of raw materials into goods
and services
a. Industry
b. Economy
c. production
d. None of the above
Q: _____ is the economic activity that comprises the satisfaction of desires and needs.
a. disribution
b. Consumption
c. Economy
d. None of the above
Activity03: Classify the following activities into primary, secondary and tertiary sector:
Primary sector Secondary sector Tertiary sector
- Furniture - Travel
- Agriculture
- Clothing - Advertising
- Fishing
- fast moving consumer goods - information
- mining and forestry
- manufacturing of technologie technology services
1
Unit 02/ Lesson 03
Answers:
Activity01: choose the correct answer
1. Alternative uses of resources gives rise to the …………………… between different commodities
that can be produced by those resources.
[Link] of inequality [Link] of choice [Link] problem [Link] of the above
2. 'labor' in economics mean …………………………………...
A. Hard physical work used to produce manufactured goods
B. Natural resources used in the productive process
C. Human mental and physical effort used for producing goods and services
D. Risk taking and organising the factors of production
3. Scarcity continue to be a problem in the future because ……..…………………..
A. Prices will rise
B. Resources will always be finite
C. Needs will decrease in the future
D. World population will fall
4. Organizing land, labor and capital (factors of production), in the production of goods or
services is called ……………………….
[Link] [Link] Economy [Link] [Link] Economy
5. Which basic economic question addresses the issue of using finite resources with
productive efficiency?
A. What to produce?
B. How to produce?
C. When to produce?
D. For whom to produce?
6. What does it mean to say that a resource is scarce?
A. A society does not have enough money to purchase this resource.
B. The resource is no longer available
C. There is not enough of this resource to satisfy all the wants and needs of a society.
D. There is an unlimited amount of the resource available.
