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Review ECO by M.CHOKIE Flashcards | StudBud
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Review ECO by M.CHOKIE
Review ECO by M.CHOKIE
20 terms
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StudBud Administration
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291 plays
Social Studies IEP ส 15201
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What are the basic needs of humans?
A. Cars, jewelry, electronics, and pets
A. Games, sports equipment, accessories, and tools
Toys, books, gadgets, and clothes
Food, shelter, clothes, and medicine
2
What are perishable goods?
Mobile, snack, and lotion
Furniture, flowers, and perfume
Sweater, A4 paper, and candy
Tissue paper, orange juice, and cookies
3
Which of the following is an example of earning income?
Receiving rent on land
Paying taxes to the government
Spending money on clothes
Borrowing money from a friend
4
Which management should an entrepreneur consider first, when he or she will increase or decrease his or her production?
Market demand
Cost of production
Resource distribution
Resource location
5
What is a manufacturer?
A person who produces goods in large quantities for sale.
A person who works for a business.
A person who starts a business.
A person who does something for others and gets money.
6
What is the income from the work done by people to make a business work?
Interest
Wage
Profit
Rent
7
Who does not work in the services?
Ying is a mobile call center.
Boss is a gardener
Asis is a waiter.
Chokie is a historian and guide.
8
When the total revenue is more than the cost of production, what is it called?
Debt
Loss
Profit
Expenditure
9
When more than one business is trying to sell the same product, what will happen in the economic system?
Investment
Distribution
Competition
Unemployment
10
What is the relationship between a household's income and a firm's expenses?
The household's income is the firm's income.
The household's expense is the firm's expense.
They are unrelated.
The household's income is the firm's expense.
11
Which one is not the basic problem of economics?
What to produce
When to produce
For whom to produce
How to produce
12
What is economics?
The study of how to damage resources in production.
The study of how to manage resources in daily life.
The study of how to start a business.
The study of how to spend money wisely.
13
What is the term for the cost incurred during the manufacture of goods or services?
Expenditure
Debt
Total revenue
Cost of production
14
What is the term for the money that is spent on buying goods and services?
Income
Debt
Savings
Expenditure
15
What is the money earned from doing work called?
Savings
Income
Allowances
Expenditure
16
Which of the following are the activities in the economic system, except which one?
Competition
Exchange
Production
Consumption
17
What is the advantage of saving mentioned in the information?
Use money during emergencies.
Ignore current needs and wants.
Left with little money for current needs.
Invest savings in luxuries.
18
Who is a consumer?
Famp and his family watch movie at Siam Paragon.
Fatiny helps his mom bake cookies.
Fewwy opens his new coffee shop near a school.
Forth employs a babysitter to take care of his baby.
19
Which factor of production is related to man-made resources?
Land
Entrepreneur
Capital
Labour
20
Who is considered “The Father of Modern Economics”?
Asis Ratchakon
Chokie Chakarin
Adam Ava
Adam Smith
