ESC1501 Assignment 5 Semester 1 2023

ECS1501
Assignment 5
Semester 1
2023

,ECS1501 - Assignment 5
answers - Semester 1, 2013

, 8 ASSIGNMENTS

8.1 FIRST SEMESTER ASSIGNMENTS

ASSIGNMENT 01
UNIQUE NUMBER 893154
Due date: 18 February 2019
Content: Learning units 1 to 5
Weight: 10% of your semester mark
Submit: Via myUnisa or on a mark-reading sheet
This assignment was compiled by Lerato Nkosi.

1.1 Economics is the study of

[1] how society manages its unlimited resources.
[2] how to reduce our wants until we are satisfied.
[3] how society manages its scarce resources.
[4] how to fully satisfy our unlimited wants.

1.2 Scarcity implies that people must

[1] trade.
[2] compete.
[3] cooperate.
[4] make choices.

1.3 Scarcity applies to

[1] neither time nor money.
[2] both money and time.
[3] time but not money.
[4] money but not time.

1.4 Opportunity cost can be defined as

[1] the value of the best foregone opportunity (or alternative) when a choice is made.
[2] the cost of choosing between a need and a want.
[3] the cost which arises because wants are unlimited and the resources (or means) to fulfil these
wants are limited.
[4] the cost which is incurred as a result of the economy's limited capacity to produce the required
goods and services.




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