Yes

Question 1

Production possibity diagram what is it?

Answer 1

A diagram used to illustrate the maximum quantities of two goods that a producer or economy can produce in any combination over a given period of time.

Question 2

Productive efficiency?

Answer 2

A situation in which a producer or economy is making full use of the resources available

Question 3

Percentage change formula?

Answer 3

Difference between numbers divided by the original number times 100

Question 4

What are the principles of the income effect?

Answer 4

1) a fall in price increases the purchasing power of consumers therefore goods demand rises with higher real income

Question 5

Substitution effect?

Answer 5

A fall in price if one good/service can make it a better substitute to other said goods

Question 6

Demand definition?

Answer 6

A good/device in a quantity that consumers are willing and able to buy at a given price in a given period of time

Question 7

Basic law of demand

Answer 7

Demand varies with price-
Lower prices make products more affordable for consumers therefore raising its quantity demand

Higher prices make products less affordable for consumers therefore lowering its quantity demand

Question 8

In a demand graph what do we call a price change?

Answer 8

A movement

Question 9

In a demand graph if the demand has nothing to do with the price what is it called?

Answer 9

A shift

Question 10

When the line in a demand graph goes towards the right?

Answer 10

The demand increases

Question 11

When the line shifts to the left in a demand graph?

Answer 11

The demands decreasing

Question 12

Causes of a shift (change of demand without price) in the demand curve?

Answer 12

1) changing prices of substitution goods/services in competitive demand
2) changing prices of compliments e.g products in joint demand (Xbox and games)
3) changes in the real income of consumers
4) changes in distribution of income