Economics chapter 1 and 2

• What are the two categories used to identify items in the table provided in the economic activity section?


  Needs and wants
• What is the central purpose of economic activity?


  To produce goods and services to satisfy the needs and wants of society
• What are the three key economic decisions?


  What to produce, how to produce, who benefits from the goods produced
• What are the three main economic groups mentioned in the study material?

  Producers, consumers, and sellers
• What is the interaction between the main economic groups?


  • Producers create goods and services.
  • Consumers purchase and use these goods and services.
  • Sellers facilitate the exchange between producers and consumers.
• What are the three economic sectors identified in the study material?

  Primary, secondary, and tertiary
• What is the definition of the primary economic sector?


  It involves the extraction of natural resources, such as mining and agriculture
• What is the definition of the secondary economic sector?


  It involves manufacturing and processing of goods
• What is the definition of the tertiary economic sector?


  It involves providing services to consumers
• What are the top three exports of Mauritius and their respective sectors?


  Textiles (secondary), tourism (tertiary), sugar (primary)
• How are the industries ranked in Mauritius based on their size?


  Tourism is 1st, textiles are 2nd, and sugar is 3rd
• What types of items should be identified in the goods and services table?

  Goods and services
• What are the dominant sectors in three selected countries?


  • Identify one country for each sector: primary, secondary, tertiary.
  • Include industries, major exports, imports, and GDP per capita.
  • Determine which country is the wealthiest and explain why.
• What does the term LAND refer to in economics?


  The physical land the site on which the business is located
• What does LABOUR mean in the context of a business?


  Skills and number of people employed by a business
• What is meant by CAPITAL in economics?


  Equipment used to produce the goods and services
• What does ENTERPRISE refer to in a business context?


  Sets of people involved in the business
• Give an example of an infinite want.


  Energy/fuel
• Name another example of an infinite want.


  Fast food
• Who are consumers in economic terms?


  Consumers are those who demand goods and services
• What is the role of producers in the economy?


  Producers are people who supply goods and services
• What does the government do in an economic context?


  The government decides the choices, benefits, and disliked goods and services provided
• What is opportunity cost?


  The value of protection a person could receive but passed up in pursuit of an option
• What are the three economic sectors and their definitions?


  • Primary: Involves extraction of raw materials (e.g., farming)
  • Secondary: Involves manufacturing and processing (e.g., manufacturing)
  • Tertiary: Involves services (e.g., service industry)
• What is an example of a primary economic sector activity?


  Farming
• What is an example of a secondary economic sector activity?


  Manufacturing
• What is an example of a tertiary economic sector activity?


  Service
• What is a local example of a primary sector product?


  Apples
• What is a local example of a secondary sector product?


  Clothes
• What is a local example of a tertiary sector service?


  Haircut
• What are the top three exports of Mauritius?


  Textiles, tourism, and sugar
• In which sector does textiles belong in Mauritius?


  Secondary
• In which sector does tourism belong in Mauritius?

  Tertiary
• In which sector does sugar belong in Mauritius?


  Primary
• Rank the size of the textile industry in Mauritius.


  2nd
• Rank the size of the tourism industry in Mauritius.


  1st
• Rank the size of the sugar industry in Mauritius.


  3rd
• What are the steps to identify goods and services in a list?


  1. Use highlighters to mark goods and services.
  2. Differentiate between tangible products and intangible services.
  3. Categorize them accordingly.
• What information should be included in a fact card about a country?

  • Dominant sector
  • Industries
  • Major exports and imports
  • GDP per capita
• Which country is considered the wealthiest based on the fact card criteria?

  The country with the highest GDP per capita