M1 Unit 2 Quiz

Which is NOT a form of cashless payments?

• Debit cards

• Credit cards

• Cash

• Online Banking

Give an example of a "price mechanism".

• Pam buy more clothes, because the price is low.

• Pam bought a mobile phone with a camera.

Which of the following do businesses use to advertise their products?

• Tv

• Radio

• Internet

• Billboards

What is the difference between goods and services?

• Goods are things you sell.

• Services are things people do for money.

• Both answers are correct.

Which of the following is a source of "online shopping"?

• E-commerce

• Commercial Sales

Answer explanation

Father work and mom take care of the family.

Create a budget or financial plan for the money they receive.

Buy things which they need.

Which of the following reduces the supply of products (manufacturers)?

• Imported materials are scarce.

• Imported materials are more expensive

• Gas price reduces

People use resources to meet the demands and the needs they have.

• True

• False

Name one product that you have bought at a shopping mall such as Central. Select the possibilities to your needs or wants.

• discount.

• price.

• you get an extra product with it.

• because you liked it.

Answer explanation

Answers will vary.

Law of Supply: How does new technology influence the workforce? (farmer's point of view)

• Production will increase.

• People will not have a work

• Save on expenses such as salaries and labor costs.

• Saves times to produce goods quickly.

What are the factors of the Law of Demand? Which answer does not fit in?

• Monthly income

• Fashion and Trends

• Competition

• Choices