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Exam (elaborations)

ECS1501 - ASSESSMENT 1 - EXPECTED QUESTIONS AND ANSWERS - 2024

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Course
(ECS1501)








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Institution
University of South Africa (Unisa)
Course
(ECS1501)

Document information

Uploaded on
November 23, 2023
Number of pages
44
Written in
2023/2024
Type
Exam (elaborations)
Contains
Questions & answers

Subjects

  • 2024

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2023 – S2 – ECS1501 – ASSESSMENT 1 – Q&A



Assessment 1
Started on Monday, 7 August 2023,
State Finished
Completed on Monday, 7 August 2023,
Time taken
Marks 15.00/15.00
Grade 100.00 out of 100.00


Question 1
I confirm that this assessment will be my own individual work; that I will not
communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.



I confirm.

I do not confirm.



Question 2
What are wants in economics?

- Things we feel might improve our lives, but we do not really need these things to
survive.
- Everything in the world around us that we can use to produce goods and services
to satisfy our needs and wants.
- Things we need to survive, such as basic food, clean water, shelter and basic
clothing.
- The resources at our disposal to produce the goods and services we need and
want.

Feedback
Wants are the things we feel might improve our lives, but we do not really need
these things to survive – tickets to a Mamelodi Sundowns vs Kaiser Chiefs match,
nail extensions or …


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