The Dynamics of Markets (Grade 10 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is a market?
What is a market?
A situation where buyers & sellers meet
How many essential elements must be present for a market to exist?
How many essential elements must be present for a market to exist?
Three elements
Which of these is NOT mentioned as an example of a market meeting place?
Which of these is NOT mentioned as an example of a market meeting place?
Government offices
What happens when markets are working?
What happens when markets are working?
Sellers compete to attract customers
What does price represent?
What does price represent?
Amount producers will supply at a cost
What is an example of value in use?
What is an example of value in use?
Sunlight
What does utility measure?
What does utility measure?
Satisfaction from using a product
What happens when goods or services have higher utility?
What happens when goods or services have higher utility?
Greater demand for them
What is diminishing marginal utility?
What is diminishing marginal utility?
Each extra unit gives less satisfaction
Why do diamonds have a higher price than water despite water's greater utility?
Why do diamonds have a higher price than water despite water's greater utility?
Diamonds are much scarcer than water