Introduction
Market is a communication or contact where two or parties can meet to engage in an economic transaction. As mentioned in the video that there will be a quiz to introduce learners to the topic.
Task
1.1 Definition of a perfect market
2.1 Give one term for each of the following description. Write only the term next to the question number.
2.1.1 Market where goods and services are bought and sold.
2.1.2 Basic economic problem encountered by all economics
2.1.3 Good provided by the government.
3.1 Discuss in detail the characteristic of perfect market.
4.1 Explain the phrase 'Utility is subjective'
5.1 Name TWO examples of indirect taxes
Process
Read the questions carefully.
Number the answers correctly according to the numbering used.
Answer the questions in full sentences and ensure that the format, content and context of your responses comply with the requirements of the questions.
Write neatly and legibly with no errors.
Evaluation
|
RUBRIC |
MARKS
|
|
Defining correctly
Defining according to general knowledge
Giving correct one term
Discussing characteristics in Detail.
Only naming Characteristics
Explaining using Economics terms
Any indirect taxes given |
3
2
1
3
2
1
1 |
Conclusion
Market is where buyers and sellers meet in order to determine the price and quantity of goods and services that will be exchanged. In this lesson we sticked more on two topics the perfect market and imperfect market and their characteristics. A perfect market is characterized by perfect competition, market equilibrium, and an unlimited number of buyers and sellers. imperfect markets do not meet the regorous standards of hypothetical perfectly or purely competitive market.
Credits
https://mycourses.co.za/wp-content/uploads/2022/08/EC-Economics-Grade-1….
Philip Mohr, Louis Fourie and associates
Teacher Page
Amanda Dlali 220011486