Define 'goods' and 'services'.
Name the 2 main rationing systems that are dealt with in economics.
Name 5 disadvantages of a free market economy.
Name 5 disadvantages of a planned economy.
Define national income.
Define potential growth.
Outline the difference between economic growth and development.
Define sustainable development.
Define 'Elasticity of demand'.
Name the types of elasticities of demand that there are to consider.
If Ped is equal to 0, then a change in the price of a product will have what kind of effect on the quantity demanded?
If Ped is equal to infinity, then a change in the price of a product will have what kind of effect on the quantity demanded?
If a firm has inelastic demand for its product, to raise revenue they should..?
If a firm has elastic demand for its product, to increase revenue they should..?
What is the difference between the range of values for Ped & Xed?
State the values that Yed can have and their significance.
Name 3 determinants of Ped.
Define 'Pes' (Price Elasticity of Supply).
What is the range of values adoptable by Pes?
When Pes = 0, a change in the price of the product will have what effect on the quantity supplied?
When Pes is infinite (perfectly elastic), if price falls, what effect will it have on the supply of the product?
When the value of Pes is less than 1 and more than 0, a chang in price leads to..
When the value of Pes is greater than 1 and less than infinity, a change in the price leads to..
Define 'unit elastic supply'.
What are the two determinants of Pes?