Economics
General knowledge
General knowledge
What is economics?
The study of how human being fulfil their wants and needs by making choices
Which of the following countries DOES NOT use the Euro as its official currency?
France, Germany, Italy, Portugal or Switzerland
Switzerland
What does the word investment mean?
Investment means putting money (time or effort) into something, in the hope of gaining future profit
What does the word "surplus" mean?
When we have more of something than we need
What word is used to describe a group of lions?
A "pride" of lions
Who is nicknamed the "Father of Economics"?
Adam Smith
Which currency is used in Malaysia?
Malaysian Ringgit
What is government sector investment?
When the government invests money in public services
What is a budget?
A written financial plan showing our income and expenses
Which pop star sang the song "Gangnam Style"?
PSY
What does the word scarcity mean?
There are unlimited human wants and needs but limited resources
The "Won" is the official currency of which country?
South Korea...... also North Korea
What is private sector investment?
When individuals or private companies invest money
Savings are described as the "__________ of the economy"
foundations
The character "Sid the Sloth" appears in which animated movie?
Ice Age
What are the 4 basic human needs?
1. Food & Water
2. Shelter
3. Clothing
4. Medicine
Which currency is used in South Africa?
South African Rand
What is direct investment?
When we invest in the three "factors of production"..... land, labour and capital
How do savings affect investment?
Banks use your savings to fund loans for individuals and businesses
How many hearts does an octopus have?
3
Which book published in 1776 changed our understanding of economics?
"The Wealth of Nations" written by Adam Smith
The "Shekel" is the official currency of which country?
Israel
Buying shares in a company is an example of which type of investment?
Indirect investment
When a bank lends you money, you must pay an interest rate? What does this mean?
Interest is the fee that is charged by the bank for lending you the money
What do you call a baby Kangaroo?
A Joey