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

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