A
What is the definition of Producer?
the process of creating goods and service
What is the difference between a need and a want?
NEED is essential for survival, like food and shelter, while a WANT is something desired but not necessary
Capital in the production of goods and services refers to _____________.
equipment and tools
Define organization.
A group of people who work together to achieve goals.
What is barter system?
exchanging goods for goods
What is retailer?
A business or person who sells goods in small quantities.
What is distribution in economics?
The activity of delivering goods or services from producers to consumers.
What is import?
A good or service brought into a country from another country for sale or trade.
The individual that creates or carries out production activities to produce goods and services is
Producer
What is profit?
an amount of money that you gain when you are paid more for something than it cost you to make, get, or do it
What is the definition of reform?
change for improvement
What are the three main issues of the economic system. (Explain)
- WHAT (What goods will be produced and what materials are needed to produce them?)
- HOW (How are those goods produced?)
- FOR WHOM (To whom are these goods intended or distributed?)
Who takes the place of the prime minister when he is away from the country?
Deputy Prime Minister
Which does not belong to the government ministry structure?
CEO, Lawyer, Deputy Prime Minister, ACEO, Cabinet Minister, Officers
What is one goal from distribution activity?
- Deliver goods or services from producer to consumer.
- To make production results more beneficial for society.
- Society's need for goods or services is fulfilled.
- To ensure the continuity of production.
What are the factors of production?
Land, labor, capital & entrepreneurship
Laulu Mapusua, Tupua Efi & Malietoa Moli II
LEEP stands for ___________.
Labor Employment Export Program
One of the positive impact from import goods is:
-access to new technologies and specialized products,
-increased competition that can improve quality
Explain the concept of time utility and provide an example.
A product will have a higher utility value when used at the right time.
Example:
An umbrella becomes very useful when used during rain or intense heat.
What is the difference between wholesale and retail distribution?
Wholesale is an individual or business that buys goods in large quantities and then resells them to smaller merchants.
Retail is an individual or entity that sells goods directly to consumers in individual units.
What is the relationship between production, distribution, and consumption?
Production makes the goods, distribution delivers them, and consumption shows how much people want to use or buy.
What is an advantage of seasonal employment?
- support family financially
What is the role of the council of deputies?
To to support the role of the Head of State.
What is the difference between inflation and deflation?
Inflation is the increase in the prices of goods and services whereas deflation is the decrease in the prices of goods and services.