Economics Grade 12 - Diagnostic Flashcard

Front

Economic problem arises due to
Limited resources, Unlimited wants, Alternative uses of resources, All of the above

Back

All of the above

Front

Self interest of the consumers lies in the maximization of

Back

Satisfaction

Front

Which point on the curve is an efficient use of resources? Options: F, D, E, A

Back

A

Front

Monopolistic competition is a type of

Back

market structure

Front

An equilibrium price will NOT change unless?

Back

either demand & supply change (or both)

Front

A good that is used in place of another good to meet the same need is called

Back

substitute good.

Front

Demand is defined as consumers' _____ and _____ to consume a good.

Back

Willingness; ability

Front

Basic Economic Problem: Mismatch of unlimited wants and needs and unlimited economic resources.

Back

False

Front

For the law of demand, as price rises, what happens to quantity demanded?

Back

it goes down

Front

The graph represents: Demand or Supply?

Back

Demand