Evaluation of Chapter 1

A. Multiple Choice
Economics page 26-29

1. A.
2. C
3. E
4.C
5.D
6.C
7.D
8.A
9.B
10.A

B. ESSAYS

1. State and explain the reasons behind the scarcity of resources and goods/ services!
    Answer:
a. Natural disasters, like tsunami, earthquake, and flood, destory the resources, so that they cannot be utilized
b. Wans also one of the main reasons behind scarty. Civil war in sudan, fpr instance, has caused famine and starvation
c. human behaviour toward natural recources also has aimpact on resource scarceness. Wich inturn can cause scarcity of goods and services. Ilegal logging is one of the examples.
d. The various arrays of needs. Human needs are Countinously developed. It is a human nature, thatwe, humans, always fell insufficent
2. In your own words, explain what scarcity is
   Answer;
   Scarcity is the available resources available are berely enough for the productions of goods and services needed
3. Explain recourse allocation using  the PPF curve
  Answer:
   In economics,  resources allocation can be explained with the production Possibility Curve. This curve depicts output combinations that can be produced by an economy with its own production factors (resources)
4. Explain how to make choices rationally.
    Answer:
   a. Distinguish beetwen needs and wants
   b. Identify the reason of the need fiulfillment
   c. Do the cost and benefit analysis in fulfilling the needs.
   d. Realising the opportunity cost. If one need is fulfilled, then its opportunity cost is the other need that cannot be fulfiled because of it
5. What are the different kinds of human needs? Please explain.
    Answer:










6. Explain about the fundamental economic problems are.
    answer:
    a. What to be produced= Remembering to the limited production resources and its alternative usage, thus the society must determine the kinds numbers of goods and services that will be producet.
    b. How to produce=This is about production tecnique  employed and the ability to combine various factors or resources in a production procees.
    c. For whom the goods/services are produced= This is about who or wich social class in the society will consume the goods/services produced
7. Comparre between mixed econonic system and centralized economic system.
    Answer: