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ECS1501-25-Y
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Which of the following demonstrates the law of demand?
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The law of demand states that the quantity demanded of a good will fall if the price of the good increases, irrespective of what happens to the other factors which may influence the quantity demanded.
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A company hires 50 new workers to increase production. How will this decision impact the goods market and the factor market?
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Which of the following is an example of a flow in the economy?
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A firm decides to increase production, but households are not increasing their demand for goods and services. Based on the circular flow model, what could happen next?
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The two basic sets of participants in any economy are households and firms.
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There are two sets of markets in the economy, goods markets (e.g. the market for tomatoes) and factor markets (e.g. the labour market).
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The number of parking bays available at Unisa's main campus is a stock variable.
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