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3 Written questions

3 Multiple choice questions

  1. to rely on others, and others rely on them, to provide the goods and services that we consume, a reliance on others, as they rely on you, to provide goods and services to be consumed
  2. goods that can be used in place of other goods (Colgate/Crest, Toyota/Honda)
  3. a market in which products are sold by firms and bought by households

3 True/False questions

  1. equilibriuma market in which products are sold by firms and bought by households

          

  2. medium of exchangeanything that is generally accepted as a standard of value and a measure of wealth in a particular country or region

          

  3. price elasticityA measure of the sensitivity of demand to changes in price

          

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