Economics Answers

Consider all the factors of production: labor, natural resources, capital, entrepreneurs, technology, and knowledge. Is each resource a vital part of the school you attend or the company for which you work? Which factors do you believe are most important to the goods and services provided by the organization?

Consider all the factors of production: labor, natural resources, capital, entrepreneurs, technology, and knowledge. Is each resource a vital part of the school you attend or the company for which you work? Which factors do you believe are most important to the goods and services provided by the organization?

1.   Described the categorisation of the subject matter as stipulated in the CAPS Economics policy. (12) 
2. Explain with an applicable example the economic approaches in studying economics.

the opportunity cost of producing a cellphone

Given that more multi-national firms are preparing to leave Greece and expand their businesses to Asia. Explain why reducing the unemployment benefits cannot reduce the unemployment rate in Greece. Suggest one policy the Greece government can do to reduce the immediate unemployment rate.

An increase in the production of beef will lead to a decrease in the production of leather (made from cattle hides).

Note, you will lose 50% of the mark for this question if you choose the incorrect option.

What is the equilibrium quantity?

Fixing the value from one currency to another

4. Assume that a household has access to credit. Which of the following is likely to have a significant effect on long-run consumption?

Growth in potential output is determined by growth in the labor force and growth in labor productivity. Suppose the labor force grows by 1.4 percent a year and labor productivity, based on increased capital and improved technology, grows by 1.1 percent a year. (a) What is the annual growth in potential output? (b) Illustrate the growth in potential output in an AD/AS diagram. (c) Aggregate demand is not changed by the change in potential output. Indicate any output gap caused by the change in potential output.