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Questions and Answers
What is the primary focus of economics?
What is the primary focus of economics?
Which term refers specifically to the process of selling goods and services?
Which term refers specifically to the process of selling goods and services?
When is it appropriate to economize?
When is it appropriate to economize?
What does it mean to 'make ends meet'?
What does it mean to 'make ends meet'?
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What term describes the total amount of goods and services produced in an economy?
What term describes the total amount of goods and services produced in an economy?
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What is the purpose of having a bank account?
What is the purpose of having a bank account?
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How is wealth generally defined?
How is wealth generally defined?
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What action does saving the surplus refer to?
What action does saving the surplus refer to?
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What is the primary purpose of economics?
What is the primary purpose of economics?
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Which statement best describes the current economic situation mentioned?
Which statement best describes the current economic situation mentioned?
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What is the benefit of investing money into a business as implied?
What is the benefit of investing money into a business as implied?
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How do wealthy individuals typically behave regarding their income?
How do wealthy individuals typically behave regarding their income?
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What is the primary focus of economics?
What is the primary focus of economics?
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What does the term 'surplus' refer to in the context given?
What does the term 'surplus' refer to in the context given?
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What does it mean to economize in a financial context?
What does it mean to economize in a financial context?
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Which of the following is not mentioned as a form of economic performance?
Which of the following is not mentioned as a form of economic performance?
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What might a person need to do if they struggle to earn a living?
What might a person need to do if they struggle to earn a living?
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What does it indicate if someone is referred to as 'well off'?
What does it indicate if someone is referred to as 'well off'?
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What is one way people can utilize surplus income?
What is one way people can utilize surplus income?
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What is the key distinction between economics and economy?
What is the key distinction between economics and economy?
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What does living 'economically' entail?
What does living 'economically' entail?
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What is the term used for non-manual employees' earnings in English?
What is the term used for non-manual employees' earnings in English?
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Which of the following terms refers to manual workers' earnings?
Which of the following terms refers to manual workers' earnings?
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What does the term 'economic performance' translate to in Polish?
What does the term 'economic performance' translate to in Polish?
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Which of the following phrases means 'to earn a living' in Polish?
Which of the following phrases means 'to earn a living' in Polish?
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What is the English equivalent of the term 'oszczędny'?
What is the English equivalent of the term 'oszczędny'?
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What does 'surplus' refer to in economic terms?
What does 'surplus' refer to in economic terms?
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Which phrase is synonymous with 'to take extra work' in English?
Which phrase is synonymous with 'to take extra work' in English?
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What is the difference between 'economic' and 'economical'?
What is the difference between 'economic' and 'economical'?
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Study Notes
Economics and Economy
- Economics is the study of how people and societies make choices about scarce resources.
- Economy is a system that involves the production, distribution, and consumption of goods and services.
- People are all involved in an economic performance at some point in their lives.
- Making ends meet can be a struggle when income is limited.
- Spending less and making careful choices when money is scarce is called economizing.
Business Terms
- Business partners from other countries are considered foreign partners.
- Production is the process of creating goods or services.
- Consumption refers to the use of goods or services.
- Distribution is the process of getting goods or services from producers to consumers.
- Wealth is the abundance of valuable resources or assets.
- A profitable business has a successful economic performance.
- An economist is an individual who studies the economy and its components.
- Income is the money earned from work or investments.
- To gain profit means to increase earnings.
- To save surplus (extra money) means to set it aside for later use.
- To invest money is to put it into an asset or endeavor to increase its value over time.
- A bank account is a record of financial transactions.
- A family budget is a plan for managing income and expenses.
Economy in Everyday Life
- To earn a living means to make enough money to support oneself.
- To be short of something indicates a lack of it.
- To take extra work means to work more hours or take on additional tasks.
- To make ends meet means to have enough money to cover basic expenses.
- It is important to understand basic economic terms when conducting business with foreign partners.
- Business English is essential for international business communication.
- Economic performance refers to all the activities related to the production, distribution, and consumption of goods and services.
- Surplus is the amount of money left over after expenses.
- Savings are the money set aside for future use.
- Wages are earned by manual workers.
- Salary is earned by non-manual workers, such as office employees.
Key Phrases
- To do business - To engage in commercial activities.
- To afford (something) - To have enough money to buy or pay for something.
- To economize - To spend less money by being careful and frugal.
- Economic performance - The state of economic activity in a region or country.
- To save - To keep money aside for future use.
- To invest - To put money into a project, asset, or business with the expectation of profits.
- To make ends meet - To have just enough money to cover living expenses.
- To be short of - To not have enough of something.
- To take extra work - To work more hours or take on additional tasks.
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Description
This quiz covers the fundamental concepts of economics and the economy, including resource allocation, production, distribution, and consumption of goods and services. Learn essential business terms that shape economic interactions and understand the role of an economist in today's world.
