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List any 10 Legal and economic requirements for a well-functioning market system.
Equilibrium in any market can be described as that point where demand is equal to supply.
Discuss one (1) reason for the downward sloping aggregate demand curve
Being able to measure an economy’s output underlines the importance to improve government policy. Looking at recent news, can you identify one economic policy debate or action that referenced GDP / inflation - hyperinflation?
economic policy debate or action that referenced GDP / inflation - hyperinflation
Critically analyse the South African economy using the discussion on the South African economy given.
1. Output per worker
2. Output
3. Consumption
4. Consumption per worker
5. If both capital and labour double, what happens to output
6. If the production function characterised by constant return to scale?
Sarah sells her motor vehicle to Benny for £5 000. They agree that Benny will pay Sarah immediately, but Sarah will only deliver the vehicle to Benny on Thursday. On Wednesday, lightning destroys the vehicle while parked outside Sarah's house. Discuss the legal position o f each. Would your answer be any different if Sarah had failed to deliver the car on Thursday, and the car had been struck by lightning c
Some scientists believe that we are rapidly depleting our natural resources. Assume that there are only two inputs (labor and natural resources) producing two goods (concerts and gasoline) with no improvement in society’s technology over time. Show what would happen to the PPF over time as natural resources are exhausted. How would invention and technological improvement modify your answer? On the basis of this example, explain why it is said that “economic growth is a race between depletion and invention.”
