Relative Prices (Grade 11 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 meeting place for buyers and sellers
In goods markets, who sells finished products to consumers?
In goods markets, who sells finished products to consumers?
Producers
Which of the following are factors of production sold in factor markets?
Which of the following are factors of production sold in factor markets?
Labour, land, and capital
What does a relative price compare?
What does a relative price compare?
Price of one good to another good
If a snack costs R5 and a drink costs R10, what is the relative price?
If a snack costs R5 and a drink costs R10, what is the relative price?
2
What does relative price help us understand?
What does relative price help us understand?
Opportunity cost of our choices
According to the law of supply, what happens when prices increase?
According to the law of supply, what happens when prices increase?
Producers supply more
According to the law of demand, what happens when prices go up?
According to the law of demand, what happens when prices go up?
People demand less
What forces work together to determine prices in markets?
What forces work together to determine prices in markets?
Supply and demand
What is an equilibrium price?
What is an equilibrium price?
When amount to sell equals amount to buy