11 Questions
Which of the following best defines renewable resources?
Resources that can be used repeatedly and naturally replaced over a relatively short period of time
What distinguishes non-renewable resources from renewable resources?
Non-renewable resources have unlimited supply
Which factor contributes to the depletion of non-renewable resources?
Population growth and industrialization
In the financial market, what are the two parties involved usually?
Buyers and sellers
Where does the labor market operate?
Where employees provide labor services and employers provide employment opportunities
In which market do consumers pay money to businesses to acquire something?
Goods and services market
Which market includes stores, the Internet, and any other place where consumer goods and services are exchanged?
Goods and services market
What is the primary function of the labor market?
To offer employment opportunities for labor
Which type of market focuses on the exchange of end products?
Goods and services market
Where do daily laborers, domestic workers, skilled workers, professionals, etc. participate in the market?
Labor market
Which market operates where there is no direct physical contact between buyers and sellers?
Digital financial market
Study Notes
Renewable Resources
- Renewable resources are resources that can be replenished naturally over time, such as wind, water, and sunlight.
- These resources are distinguishable from non-renewable resources, which are finite and cannot be replenished.
Non-Renewable Resources
- Non-renewable resources are depleted due to human consumption, which exceeds their natural replenishment rate.
Financial Market
- The financial market typically involves two parties: buyers and sellers.
- The primary function of the financial market is to facilitate the exchange of funds and investments.
Labor Market
- The labor market operates where individuals offer their skills and services in exchange for compensation.
- The primary function of the labor market is to match businesses with the labor they require.
- This market includes daily laborers, domestic workers, skilled workers, professionals, and other individuals offering their services.
Goods and Services Market
- The goods and services market is where consumers pay money to businesses to acquire products or services.
- This market includes stores, the Internet, and any other place where consumer goods and services are exchanged.
- The primary function of this market is to facilitate the exchange of end products between businesses and consumers.
Online Market
- The online market operates where there is no direct physical contact between buyers and sellers, such as online shopping platforms.
Test your knowledge of renewable and non-renewable resources, as well as other topics covered in Unit 3 of the Grade 9 Ethiopian New Curriculum Economics book.
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