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Grade 9 Economic and Management Sciences(BUS 4406) WELL ANSWERED TO PASS
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Grade 9 Economic and Management Sciences(BUS 4406) WELL ANSWERED TO PASS
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Grade 9 Economic and ManagementSciences(BUS 4406)
Scarcity - correct answer ✔✔The problem in which we do not have enough resources to satisfy all our
needs and wants
Economic system - correct answer ✔✔The system that a country uses to solve the economic problem of
scarcity is known as the country's...
Planned economy - correct answer ✔✔An economy in which the government controls the factors of
production, the government decides what goods and services to produce and the government decides
how production will take place
Market economy - correct answer ✔✔An economy in which entrepreneurs decide what to produce
Mixed economy - correct answer ✔✔An economy that aims to solve the problems associated with free
market and centrally planned market systems
Globalisation - correct answer ✔✔The increase in the volume of international trade and greater
movement of money and people across international borders
Economy - correct answer ✔✔Term used to describe an environment in which consumers and producers
are involved in activities as they go about making and consuming goods and services and accumulating
wealth
Factors of production - correct answer ✔✔Capital, labour, natural resources, entrepreneurship
Households - correct answer ✔✔The economic participant that owns the factors of production in a
market economy
, Factor market - correct answer ✔✔Market where households sell their factors of production and where
businesses buy them
Goods and services market - correct answer ✔✔Market where businesses sell their goods and services
and where households buy them
Businesses - correct answer ✔✔The economic participant that converts factors of production into goods
and services to sell
Real flows - correct answer ✔✔The movement of factors of production and goods and services in an
economy
Money flows - correct answer ✔✔The circulation of money in an economy
Open economy - correct answer ✔✔An economy in which participants buy and sell goods and services
and factors of production across international borders
Closed economy - correct answer ✔✔An economy in which no trading takes place outside the local
economy
Value Added Tax - correct answer ✔✔Money paid to government on goods and services bought
Demand - correct answer ✔✔The quantity of a good or service that consumers are willing and able to
purchase at different prices
Supply - correct answer ✔✔The quantity of a good or service that producers are willing and able to
produce at different prices
Law of demand - correct answer ✔✔Describes an inverse relationship between price of a product and
the quantity consumers are willing and able to buy of that product
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