Dynamics of markets- Grade 10

Which of the following is NOT a Market Structure?

• Perfect Competition

• Oligopoly

• Monopoly

• Corporation

The basic economic problem arises because:

• Wants are unlimited and the means of satisfying them are relatively scarce

• Various countries have different types of economies

• Different people have quite different needs

• Human behaviour is unpredictable

What are the two strands of economics?

• Microeconomics and Macroeconomics

• Small and big economics

• Land, labour, capital, enterprise

Define what a need is

• Something that you want

• Something you need for survival

• Relative scarctity

• Money

What is opportunity costs?

• Opportunity to gain money

• The labour provided to create a product

• Second choice or alternative choice

• Supply and demand

What are the four factors of production?

• people, planet, profit

• Money, markets,,entrepreneur, objects

• Land, people, money, markets

• Land, labour, capital, enterprise

What is a market economy?

• Where everyone is equal

• Consumers influence the types of goods and services

• The government are involved with everything

• Environment is important

In perfect competition, the product is differentiated

• True
• False

In monopolistic competition there are many buyers and sellers

• True
• False

Non-price competition is the use of ads, giveaways, or promotions to win customers

• True
• False