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