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ECS1500 ASSIGNEMT 1 SEMESTER 2 2023
- Other • 39 pages • 2023
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This document contains Assignment questions and answers attempted a distinction is guaranteed
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Ecs1500 tutorial letter
- Summary • 73 pages • 2023
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ECS1500/101/3/2020 
5 
economy in various ways, the driving force behind economic actions remains the market 
mechanism. The forces of demand and supply essentially drive this mechanism. Through these 
forces and the price signals they send out, market players make decisions on who to employ, 
what to produce, how much to spend, and on what to spend. 
It is therefore important that you gain a thorough understanding of the market mechanism, 
demand and supply, and the overall economic environment...
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ECS1500: ECONOMICS Questions with Correct Answers (100% Tested and Verified)
- Exam (elaborations) • 19 pages • 2023
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UNLIMITED WANTS Correct Answer The insatiable desire of consumers for goods and services that will give them satisfaction or utility 
 
LIMITED MEANS Correct Answer Things that limit our ability to fulfil our wants and needs; time, skills, and money. 
 
OPPORTUNITY COSTS Correct Answer The loss of potential gain from other alternatives when one alternative is chosen. 
 
IMPORTANT DECISION MAKERS IN THE ECONOMY Correct Answer Households; Firms; Goverments 
 
THE PRODUCTION PROBLEM Correct Answer ...
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