Exam (elaborations)
ECS1501 Assignment 01 solution 2023Exam (elaborations) ECS1501 - Economics IA (ECS1501) Economics for South African Students, ISBN: 9780627033421
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Ecs1501 Assignment 4 Semester 1 2023
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Macroeconomics 1st year [University] Notes [ECO10B]
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ECS1501 Assignment 04 semester 01 2023 Exam (elaborations) ECS1501 - Economics IA Economics for South African Students, ISBN: 9780627033421
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3/8/23, 7:59 PM Assessment 1: Attempt reviewStarted on Wednesday, 8 March 2023, 6:29 PM
State Finished
Completed on Wednesday, 8 March 2023, 7:59 PM
Time taken 1 hour 29 mins
Marks 15.00/15.00
Grade 100.00 out of 100.00
Question 1
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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
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Mark 1.00 out of 1.00
What is the economic problem of scarcity?
The existence of unlimited resources.
The availability of limited resources.
The ability to satisfy all needs and wants.
The lack of choice between alternatives.
The economic or scarcity problem arises because the resources that we have available for the production of goods and services are limited, while
our needs and wants for goods and services are unlimited.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=7176191&cmid=604688 1/7
, 3/8/23, 7:59 PM Assessment 1: Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
What are the three main groups of resources classified in economics?
Natural resources, human resources, and financial resources.
Natural resources, human resources, and man-made resources.
Man-made resources, human resources, and capital resources.
Natural resources, social resources, and man-made resources.
Resources include everything in the world around us that we can use to produce goods and services to satisfy our needs and wants. It is
classified into the following three main groups:
· natural resources, such as land, water, minerals, animals and plants
· human resources, such as entrepreneurs or labour such as economists, builders, architects, accountants, lawyers and cleaners
· man-made resources such as machines and infrastructure that are available to use to produce goods – in economics we call these resources
capital.
Question 4
Complete
Mark 1.00 out of 1.00
What is the definition of economics according to Lionel Robbins?
The study of wants and resources.
The study of scarce resources to satisfy unlimited wants.
The study of the use of scarce resources to satisfy unlimited wants.
The science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
"Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=7176191&cmid=604688 2/7
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