ECONOMIC ACTIVITITIES CHAPTER 2

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A.Multiple Choice

1.C

2.B

3.B

4.B

5.C

6.D

7.B

8.A

9.A

10.D

B.Essays

1.Explain the definition of consumption,production, and distribution.
  -consumption is the direct usage of good and services to fulfill one's need.
  -production is making goods or providing services.
  -distribution has a broader meaning than merely delivering goods. 
2.Explain the difference between consumption,production, and distribution.
   -consumption :the direct usage of goods and services.
   - production :Making goods or providing services.
    -distribution :Broader goods and services.
3.Explain the consumer behaviour with the indifference curve approach.
   -The indifference curve shows the combination points of (two) consumed goods that give the same satisfaction.
4.Explian the economic activity circular flow diagram.

5.Explain the role of consumption households and firms household.

6.Explain the role of government and society.

7.Explain the role of foreign customers and producers.

8.Give detail explanation on every economic entities in an economy.

9.Explain the flows formed by the interaction between consumption households and firms household.

10.Explain types of incomes received by households.