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Grade 10 Economics Intro Flashcards | StudBud

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Ceteris Paribus means:

When something is completely unavailable no matter how much people are willing to pay for it

Grade 10 Economics Intro

11 terms·StudBud Administration·19 plays

Understanding the Basics of What Economics is, the Economic Problem and the Methods of Economics for Grade 10

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Questions 11

Answers

1
When something is completely unavailable no matter how much people are willing to pay for it
Scarce Scarcity
A shortage of Demand
Relative Scarcity
Absolute Scarcity
2
Ceteris Paribus means:
Positive Statements
The study of Economics
All other things remain the same
Macroeconomics
3
Relative Scarcity is
When something is Not available
When something is available in the universe
When something is freely available to everyone
When something is available at a price
4
Economics is the study of how people and organisations make choices of how to produce Goods and Services from resources
True
False
5
Scarcity happens when
The Supply of something is greater than the demand for it
People do not have money to pay for things
The Demand for something is greater than the supply of it
The Demand is Equal to the Supply
6
Which of the following is not one of the FOUR Factors of Production?
Money to start a business
Labour
Entrepreneurship
Land
7
The Image Below is...
An important picture
A circular flow model
An Equilibrium model
A Graph
8
"Beyonce is the best singer in the world"
Positive Statement
Normative Statement
Truth
CAP
9
Micro Economics looks at
Little People
Decisions made by individuals and businesses
Small Government decisions
Little things
10
The Economic Problem is
Government
Little Money
Unemployment
Scarcity
11
Postive Statements can be proven
False
True