JH1 Soc Studies Extra Points

An economic activity to gain profit is called as...

• Consumption

• Procession

• Production

• Distribution

Meeting point between the supply and demand graph is called an ...

• Equilibrium

• Equity

• Ecosystem

• Egocentric

Who is the father of economics?

• Adam Fisher

• Adam Steve

• Adam Jim

• Adam Smith

What is the most important thing for an entrepreneur to have?

• Calculation

• Creativity

• Commitment

• Communication

Things that we can get/achieve without any sacrifices is called as ...

• Free Goods

• Economic Goods

Our daily needs like food and drinks is in the category of ..... needs

• Territory

• Tertiary

• Primary

• Secondary

In order to gain the highest profit and to suffer less loss while doing economic activities, we have to be ...

• Ratified

• Rational

• Irrational

• Irritated

Which of the following is not the causes of water scarcity?

• Construction

• Pollution

• Increase of human population

• Climate change

Which of the following is the nature of demand curve?

• The higher the price, the higher the quantity

• The lower the price, the higher the quantity

Which of the following is the nature of supply curve?

• The higher the price, the higher the quantity

• The lower the price, the higher the quantity