Scarcity - Study guides, Study notes & Summaries

ECS1500 ASSIGNMENT 01 SEMESTER 1 ANSWER DISCUSSION (LEARNING UNITS 1– 4) 1.1 The correct answer is option [2] as the statement is false. Prices bring about voluntary responses from buyers and sellers so that market equilibrium can be achieved. This is because buyers and sellers agree on the terms that determine their exchange of goods and services. 1.2 The correct answer is option [2] as the statement is false. A linear curve is a straight line with the exact same slope along the whole ...

They are all caused by scarcity, because the people concerned cannot consume as much as they would like.

They are all caused by scarcity, because the people concerned cannot consume as much as they would like. Definition of scarcity What caused by scarcity Types of scarcity Measures to solve scarcity Conclusion

Study Unit 1 What Economics is all about Economics is a social science that studies how people use scarce resources to satisfy their unlimited wants. Microeconomics looks at this at an individual, household or firm level while Macroeconomics is a broader look which is an aggregate of all the individuals, households and firms in a given economy. The main aspects in Microeconomic theory are supply, demand, scarcity, choices and opportunity cost. The Economic Problem Every individua...

African environmental issues are caused by human impacts on the natural environment and affect humans and nearly all forms of life. Issues include deforestation, soil degradation, air pollution, water pollution, garbage pollution, climate change and water scarcity (resulting in problems with access to safe water supply and sanitation). These issues result in environmental conflict and are connected to broader social struggles for democracy and sovereignty. The air in Africa is greatly polluted ...

They are all caused by scarcity, because the people concerned cannot consume as much as they would like.

Which one of the following statements best explains economics? ● ● [1] Economics is a study of rocks. ● [2] Economics is a study of living things. ● [3] Economics is a natural science. ● [4] Economics is not concerned with scarcity. ● [5] Economics is an empirical science

ECS1601 Exam Preparation For 2022 – Past Papers with verified Answers. Households are confronted with unlimited wants, but with limited resources with which to satisfy those wants b) The scarcity of resources necessitate households to make choices - ANS-both a and b are correct Which of the following is/are correct regarding the distinction between macroeconomics and microeconomics? a) The price of apples at the supermarket is an example of a macroeconomic variable. b) An increase in th...

ECS1501 - Assignment 1 to 4 answers - Semester 1, 2019 12 8 ASSIGNMENTS 8.1 FIRST SEMESTER ASSIGNMENTS ASSIGNMENT 01 UNIQUE NUMBER Due date: Content: Weight: Submit: 18 February 2019 Learning units 1 to 5 10% of your semester mark Via myUnisa or on a mark-reading sheet This assignment was compiled by Lerato Nkosi. 1.1 Economics is the study of [1] how society manages its unlimited resources. [2] how to reduce our wants until we are satisfied. [3] how society manages its scarc...

ECS1601-short-questions. MULTIPLE CHOICE QUESTIONS TESTBANK – CHAPTER 1 Go to Memorandum Answer the following questions by selecting the appropriate answer from the list below. Question 1 Which one of the following statements is correct (or closest to correct)? A. Economics is the study of money. B. Economics teaches us how to avoid choices. C. Economics is the study of profit and loss. D. Economics can be described as the study of choice. E. Economics teaches one how to become rich...