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

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