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ECS1601 ASSIGNMENT 1
- Course
- Economics IA
- Institution
- University Of South Africa (Unisa)
ASSIGNMENT QUESTIONS AND ANSWERS
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ECS1601 ASSIGNMENT 1SEMESTER 2 2023 (DUE Tuesday, 22
August 2023 11:00 PM)
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ECS1601 ASSIGNMENT 1 (ONE)
SEMESTER 2 2023
DUE Tuesday, 22 August 2023
11:00 PM
ECS1601
ASSIGNMENT 1 (ONE)
SEMESTER 2
2023
Downloaded by: denzeljessehara | denzeljessehara@gmail.com Want to earn
Distribution of this document is illegal R13,625 per year?
,Assessment 1: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=124
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UNISA 2023 ECS1601-23-S2 Online assessments Assessment 1
QUIZ
Started on Sunday, 20 August 2023, 11:39 AM
State Finished
Completed on Sunday, 20 August 2023, 12:49 PM
Time taken 1 hour 9 mins
Marks 40.00/40.00
Grade 100.00 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
What is the correct de�nition of the opportunity cost of a choice?
a. the cost of the alternative.
b. the monetary value of the best alternative that was chosen instead of the alternative.
c. the monetary value to the decision-maker of the choice made.
d. the opportunity to make a different choice.
e. the value to the decision-maker of the alternative that could have been chosen.
Every time a choice is made, opportunity cost is incurred; and economists always measure cost in terms of opportunity cost.
The cost of using a resource is measured by determining how it could have been used alternatively, not necessarily what it cost
to purchase. See page 2 of the prescribed book.
Question 2
Complete
Mark 2.00 out of 2.00
Households are confronted with………, but with ………resources with which to satisfy those wants.
a. unlimited wants; unlimited
b. limited wants; limited
c. unlimited wants; limited
d. limited wants; unlimited
Households are confronted with unlimited wants, but with limited resources to satisfy those wants.
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Question 3
Complete
Mark 2.00 out of 2.00
In the circular �ow of income and spending in South Africa, spending by �rms in the factor market becomes ________
households, while ________ households in the goods market becomes ________.
a. spending by; income to; income to �rms.
b. income to; spending by; income to �rms
c. spending by; spending by; income to �rms
d. income to; income to; spending by �rms
Firms are primarily engaged in production. Therefore, �rms will have to purchase the factors of production from households in
the factor market. Households need to be remunerated for the factors of production in the form of different types of income.
This income of households is then used to purchase goods and services in the goods market from �rms, which then becomes
income for �rms. Exports an addition or injection into the circular �ow of income and spending in the domestic economy. See
pages 6 and 7 in the prescribed book.
Question 4
Complete
Mark 2.00 out of 2.00
Pick n Pay, Spar, Checkers and Shoprite came together to �x the price of gas heaters in July 2022. This was so that they could
keep the price at a level to ensure that all four stores remained pro�table. On which area of study in economics does this
focus?
a. macroeconomics
b. development economics
c. microeconomics
d. international economics
The four retail stores (Pick n Pay, Spar, Checkers and Shoprite) coming together to agree on a price level for gas heaters is
called a cartel. The purpose of a cartel is to increase the pro�tability of �rms and to prevent competitors from entering the
market for certain goods. This scenario applies to microeconomics because it deals with the interaction of �rms in a market
and the effects of their actions on prices.
Macroeconomics focuses on the performance of the economy as a whole by providing an overall view of the economic system
of a country. This area of economics focuses on total production, income, spending, economic growth, employment and
unemployment, in�ation, price levels and the balance of payments.
International economics focuses on the �nancial �ows, exchange rates and differences in productive resources between
countries. It is also concerned with the role of institutions affecting transactions between countries. For example, international
economics looks at how a multinational company (for example Vodafone) investing in South Africa affects employment,
technology and skills transfer.
Development economics focuses on improving the economic, social and �scal conditions in developing countries. It also
highlights the differences between developed and developing countries, and how these differences can be mitigated.
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