Economics and Management Sciences

Grade 7

Question 1

Answer the following questions with one word.

1. This is the system of production, distribution and consumption of goods and services of an
economy.
2. An economic and social system in which capital and land, the non-labour, factors of production are
privately owned.
3. The fundamental economic problem of having unlimited human needs and wants, in a world of
limited resources.
4. An economic system that includes a variety of private and government control.
5. An American currency.
[5]

Question 2

Complete the following sentences by filling in the missing words

2.1 Factors of production are the resources employed to produce ------and-----------.

2.2-------- is the social science that studies the production, distribution,
and consumption of goods and services.
2.3--------means that available resources are insufficient to satisfy all
wants and needs.
2.4The economic system is composed of-------- and--------, including
their relationships to productive resources, such as through the
convention of property.
2.5 Examples of contemporary economic systems include --------systems, -------systems, and--------
economies.
[5]

Question 3

Scenario

For some countries in the world, there is not a consensus on whether they
are capitalist, socialist, or mixed economies. Economies ranging from the
America to Japan have been termed mixed economies.

3.1 With this statement in mind discuss in not more than five (5) lines what
does mixed economies entails , and in which countries does this type
of a system is practiced.

[3]