Economic Systems | MCQs

Explanation

Agriculture was the primary economic foundation of ancient civilizations (e.g., Mesopotamia, Egypt, Indus Valley). It provided:

• Food surplus, enabling population growth.
• Raw materials (e.g., cotton, wool) for trade and crafts.
• Stability required for societal development.

Explanation

Muslim thinkers categorize the economy as "Islamic economy," which is based on Islamic principles and laws.

This framework emphasizes ethical and moral considerations in economic activities, including the prohibition of interest (riba) and promoting social justice.

Explanation

Passage for Reading & Comprehension: The word industry comes from Latin word Industria which means diligence reflecting the highly disciplined way human energy, natural resources and technology are combined to produce goods and services in a modern economy. The rapid growth in population necessities the establishment of industries. For preparing different items of daily use factories are installed and these are established in such areas where raw material is available in abundance, climate conditions are favourable, means of transportation are good, thickly populated areas are near to it so that the finished products gets market and traders are easily accessible. Industries use a range of inputs, such as capital, technology, natural resources, labour and management, to produce goods and services. In order to manufacture products, money is needed to purchase buildings, equipment and machinery and pay to workers. This money is called finance capital. Buildings, machinery and other equipment are referred to as physical capital.

1. The similar meaning of the word 'reflect' is?

Mirror means آئینہ

Reflect means عکس ڈالنا

2. The similar meaning of the word 'resource' is?

Property means جائیداد

Resource means وسائل

3. The similar meaning of the word 'raw' is?

Crude means کچا ۔ کڑا ۔ خام

Raw means کچا ۔ کڑا ۔ خام

4. The opposite meaning of the word 'trade' is?

Idleness means بیکاری

Trade means تجارت

5. The opposite meaning of the word 'manufacturer' is?

Break means توڑ

Manufacturer means بنانے والا ۔ گھڑنے والا ۔ دست کار ۔ کاریگر

6. The word industry comes from Latin word Industria which means ______?

Diligence

7. Industry directs human energy, natural resources and technology to produce goods and services in a modern ______?

Economy

8. Industries were developed to meet the demands of the rapid growth of _____?

Population

9. Money is needed to purchase buildings, equipment and machinery and pay to workers and this money is called _____?

Finance Capital

10. Buildings, machinery and other equipment are referred to as _______?

Physical Capital

Explanation

Unjust distribution of wealth means resources are not shared fairly, leading to increasing economic inequality.

This results in the rich accumulating more wealth while the poor struggle to meet basic needs.

Explanation

Impoverished