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

Answers:
0. The supply curve of hike will shift to the left.
1. substitution effect %26 income effect.
2. relationship between the qty demanded and its price.
3. price of related goods and consumers%27 expectations.
4. make choices to maximise profit with their limited resources.
5. the higher price of good, the greater the quantity supplied.
6. Technology, prices of related goods, weather, num of sellers.
7. owner, employees and society.
8. The demand curve will shift to the left.
9. consumers will %26 able to buy at various price in a period of time.
10. Desirability and affordability.
11. The higher the price of a good, the lower the demand of it.
12. Substitutes and complements.
13. the relationship between the qty supplied of a good %26 its price.
14. competitive supply and joint supply.
15. The demand curve will shift to the right.
.