Economics 2023 May/June Paper1 SECTION A 1.2

QUESTION 1
1.2 Choose a description from COLUMN B that matches the item in COLUMN A.
Write only the letter (A–I) next to the question numbers (1.2.1 to 1.2.8) in the
ANSWER BOOK, e.g. 1.2.9 J.

This is how your instructions will be in the exam, for this exam practice, drag and drop the correct answer from the list bellow next to the corresposding box in the column.

1.3.3 A trade policy that promotes the production of goods domestically
rather than importing them

1.3.5 The processing of natural resources into finished products

1.3.4 Restriction on the quantity of imports allowed into a country

1.3.6 The lowest interest rate charged by commercial banks to their best
clients

1.3.5 The compensation of citizens who lost their land because of
discriminatory apartheid laws

QUESTION 1
1.2 Choose a description from COLUMN B that matches the item in COLUMN A.
Write only the letter (A–I) next to the question numbers (1.2.1 to 1.2.8) in the
ANSWER BOOK, e.g. 1.2.9 J.

This is how your instructions will be in the exam, for this exam practice, drag and drop the correct answer from the list bellow next to the corresposding box in the column.

1.3.6 Policies that are aimed at increasing the economic livelihood of
specific areas

QUESTION 1
1.3 Give ONE term for each of the following descriptions. Write only the term
next to the question numbers (1.3.1 to 1.3.6) in the ANSWER BOOK.
Abbreviations, acronyms and examples will NOT be accepted.

This is how your instructions will be in the exam, for this exam practice, just type the correct answer.

1.3.1 A market structure that produces a unique product with no close
substitutes

QUESTION 1
1.2 Choose a description from COLUMN B that matches the item in COLUMN A.
Write only the letter (A–I) next to the question numbers (1.2.1 to 1.2.8) in the
ANSWER BOOK, e.g. 1.2.9 J.

This is how your instructions will be in the exam, for this exam practice, drag and drop the correct answer from the list bellow next to the corresposding box in the column.

1.3.2 When the average revenue is greater than the average costs of a
firm

QUESTION 1
1.3 Give ONE term for each of the following descriptions. Write only the term
next to the question numbers (1.3.1 to 1.3.6) in the ANSWER BOOK.
Abbreviations, acronyms and examples will NOT be accepted.

This is how your instructions will be in the exam, for this exam practice, just type the correct answer.

1.3.1 The period of production where all factors of production can
change

1.3.3 A price set below the market equilibrium to make goods affordable
to consumers

1.3.2 A point where a firm’s average revenue (price) is equal to the
average variable cost

1.3.4 A very high increase in prices that exceeds 50% per month

1.3.3 The sum of private benefit and external benefit

1.3.5 Traditional ways of doing things that are unique to a given culture

1.3.4 A type of inflation where an economy experiences high rates of
unemployment, high rates of inflation and low economic growth

1.3.6 A licence given to businesses to pollute to a certain limit

1.3.5 South African citizens travelling within the borders of the country

QUESTION 1
1.2 Choose a description from COLUMN B that matches the item in COLUMN A.
Write only the letter (A–I) next to the question numbers (1.2.1 to 1.2.8) in the
ANSWER BOOK, e.g. 1.2.9 J.

This is how your instructions will be in the exam, for this exam practice, drag and drop the correct answer from the list bellow next to the corresposding box in the column.

1.3.6 The permanent destruction of trees and forests

QUESTION 1
1.3 Give ONE term for each of the following descriptions. Write only the term
next to the question numbers (1.3.1 to 1.3.6) in the ANSWER BOOK.
Abbreviations, acronyms and examples will NOT be accepted.

This is how your instructions will be in the exam, for this exam practice, just type the correct answer.

1.3.1 The total market value of all final goods and services produced by
permanent citizens of a country within a specific period

QUESTION 1
1.2 Choose a description from COLUMN B that matches the item in COLUMN A.
Write only the letter (A–I) next to the question numbers (1.2.1 to 1.2.8) in the
ANSWER BOOK, e.g. 1.2.9 J.

This is how your instructions will be in the exam, for this exam practice, drag and drop the correct answer from the list bellow next to the corresposding box in the column.

1.3.2 When resources are allocated in such a way that no one can be
made better off without making someone else worse off

QUESTION 1
1.3 Give ONE term for each of the following descriptions. Write only the term
next to the question numbers (1.3.1 to 1.3.6) in the ANSWER BOOK.
Abbreviations, acronyms and examples will NOT be accepted.

This is how your instructions will be in the exam, for this exam practice, just type the correct answer.

1.3.1 The withdrawal of money from the circular flow

1.3.3 Compares a country’s export prices with its import prices by means
of indexes

1.3.2 A summary of the various indicators of the same type into a single
value

1.3.4 Selling goods in a foreign market at prices that are below the cost
of production in the country of origin

QUESTION 1
1.3 Give ONE term for each of the following descriptions. Write only the term
next to the question numbers (1.3.1 to 1.3.6) in the ANSWER BOOK.
Abbreviations, acronyms and examples will NOT be accepted.

This is how your instructions will be in the exam, for this exam practice, just type the correct answer.

1.3.1 Estimating or forecasting something unknown from facts and
information that are known

1.3.3 The exchange rate is determined by market forces with intervention
by the central bank

1.3.5 A tract of land that forms a passageway which allows access from
one area to another to promote regional development

1.3.2 An estimate of income and expenditure for a three-year period
during the budgeting process

1.3.4 The increase in the capacity of the economy to produce more
goods and services

1.3.6 The number of employed persons expressed as a percentage of
the economically active population

1.3.6 Measures the number of children that die before the age of one
year

QUESTION 1
1.2 Choose a description from COLUMN B that matches the item in COLUMN A.
Write only the letter (A–I) next to the question numbers (1.2.1 to 1.2.8) in the
ANSWER BOOK, e.g. 1.2.9 J.

This is how your instructions will be in the exam, for this exam practice, drag and drop the correct answer from the list bellow next to the corresposding box in the column.

QUESTION 1
1.3 Give ONE term for each of the following descriptions. Write only the term
next to the question numbers (1.3.1 to 1.3.6) in the ANSWER BOOK.
Abbreviations, acronyms and examples will NOT be accepted.

This is how your instructions will be in the exam, for this exam practice, just type the correct answer.

1.3.1 An exchange rate system where the value of the currency is
determined solely by market forces

1.3.2 The flow of goods, services and factors of production between
households and businesses

1.3.3 Business cycles that are caused by changes in construction
activities, lasting for 15 to 20 years

1.3.4 Selling goods on a foreign market at a price lower than the cost of
production in the country of origin

1.3.5 Infrastructure and investment that improve the overall welfare of
society

QUESTION 1
1.2 Choose a description from COLUMN B that matches the item in COLUMN A.
Write only the letter (A–I) next to the question numbers (1.2.1 to 1.2.8) in the
ANSWER BOOK, e.g. 1.2.9 J.

This is how your instructions will be in the exam, for this exam practice, drag and drop the correct answer from the list bellow next to the corresposding box in the column.

QUESTION 1
1.3 Give ONE term for each of the following descriptions. Write only the term
next to the question numbers (1.3.1 to 1.3.6) in the ANSWER BOOK.
Abbreviations, acronyms and examples will NOT be accepted.

This is how your instructions will be in the exam, for this exam practice, just type the correct answer.

1.3.1 A situation where average cost rises as production increases

1.3.2 The additional revenue earned when sales increase by one more
unit

1.3.3 A technique used by the government to determine whether a
project is beneficial to the society or not

1.3.4 General increase in prices that occurs when the aggregate demand
for goods and services exceeds the aggregate supply

1.3.5 Tourists travelling through South Africa using air, road, rail and sea
transport to get to another destination

1.3.6 Taking care of the environment to ensure that the needs of the
present and future generations are met

QUESTION 1
1.2 Choose a description from COLUMN B that matches the item in COLUMN A.
Write only the letter (A–I) next to the question numbers (1.2.1 to 1.2.8) in the
ANSWER BOOK, e.g. 1.2.9 J.

This is how your instructions will be in the exam, for this exam practice, drag and drop the correct answer from the list bellow next to the corresposding box in the column.

QUESTION 1
1.3 Give ONE term for each of the following descriptions. Write only the term
next to the question numbers (1.3.1 to 1.3.6) in the ANSWER BOOK.
Abbreviations, acronyms and examples will NOT be accepted.

This is how your instructions will be in the exam, for this exam practice, just type the correct answer.

1.3.1 The period of production in which at least one of the factors of
production is fixed

1.3.2 A market in which illegal goods are bought and sold

1.3.3 The cost to society that is not included in the market price

1.3.4 Tourists from other countries who come to South Africa to visit
places of interest

1.3.5 Type of inflation where the aggregate demand for goods and
services exceeds the aggregate supply

1.3.6 The ability of an environment to survive its use for economic
activity