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1. REVIEW ACTIVITIES
2. Say if the following sentences are true (T) or false (F):
SOLUTION:
– Labour and capital are necessary to produce any type of good. (T)
– Companies are the only economic agent that is not obliged to pay taxes. (F)
– In the market, the price of goods and services depends on the quantity of buyers. (T)
– Advertising can generate a greater demand and cause the price of a product to increase. (T)
6. Consumption is one of the phases of economic…
SOLUTION: B. Production, distribution and consumption.
7. Economic activity is carried out by …
SOLUTION: C. The economic agents are the people, the companies and the public sector.
8. The purpose of economic activity is to…
SOLUTION:
The production factors are: natural resources, labour, capital, technology and expertise.
Natural resources are all those that nature offers us and we can benefit from as well as transform to
satisfy the needs of people.
Labour is all human activity that is useful to produce goods or provide services that are necessary for
people and society.
Capital refers to the money needed to start a company and the material elements, such as, for
example, land, buildings, machinery, etc.
Technology is the ability and technique that makes the transformation of resources possible and the
production of goods and services.
Expertise requires a quality education system to train people and research centres to create new
ideas.
9. Read these sentences about economic sectors…
SOLUTION:
T The tertiary sector includes many activities that do not produce a material good.
T The secondary sector takes care of transforming raw materials into manufactured
products.
F Construction, mining energy production are activities of the tertiary sector.
T The primary sector includes activities aimed to obtaining food and raw materials.
F The quarternary sector focuses on activities that do not require much training, such as
domestic service.
Correction:
Construction, mining energy production are activities of the secondary sector.
The quarternary sector focuses on activities that require highly skilled labour.
10.

2. SOLUTION: C. The European country has a capitalist economy based on the law of supply and
demand.