Economics 2023 May/June Paper2 SECTION A 1.3

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

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

1.3.3 The sum of private benefit and external benefit

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

1.3.5 South African citizens travelling within the borders of the country

1.3.6 The permanent destruction of trees and forests