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EOB UNIT 1 pairing

Author: Baey See Hion
Description: Match each term with its correct definition.
Keywords: , , , , , , online teaching

Content:
Definitions:
0. As population increase, demand will increase.
1. factors affecting supply are prices of factors of production,
2. Consumers expect the price of good to decrease soon.
3. Objectives of business are to responsible to
4. Theory of supply due to scarcity %26 limited resources, suppliers
5. shape of demand curve downward sloping because of
6. supply curve upward sloping because of
7. Law of supply states that ceteris paribus,
8. if there is mad cow disease.The supply of beef decrease.
9. Factos affecting demand can be income, taste %26 preference,
10. Prices of relaled goods affecting demand are
11. Law of demand states that ceteris paribus,
12. A demand curve shows ceteris paribus, the
13. Economic is a social science to study
14. Assuming a rise of price of beef, supply of beef increased.
15. Theory of demand refers to different qty that ceteris paribus

Answers:
0. produce %26 distribute of goods %26 services to make profit.
1. consumers will %26 able to buy at various price in a period of time.
2. people allocate scarce resourses for unlimited wants.
3. the higher price of good, the greater the quantity supplied.
4. relationship between the qty demanded and its price.
5. The supply curve of hike will shift to the left.
6. The higher the price of a good, the lower the demand of it.
7. the relationship between the qty supplied of a good %26 its price.
8. The supply curve of hike will shift to the right.
9. The demand curve will shift to the left.
10. The demand curve will shift to the right.
11. make choices to maximise profit with their limited resources.
12. competitive supply and joint supply.
13. owner, employees and society.
14. production increased, cost to make also increased.
15. substitution effect %26 income effect.
.