Download Test - I.I.S.S. Calamandrei

Progetto Clil - DIRITTO ed ECONOMIA DELL’AZIENDA
TEST – Economic activity, Business and trade, Demand and supply
3’ B ERICA
The use of a dictionary is not permitted
Exercise n. 1
Fill in the blank:
When more people want something, the quantity _______________ at all prices will tend to
increase. The increase in demand could also come from changing tastes, where the same
_____________ desire more of the same good than they previously did. Increased demand can be
represented on the graph as the curve being shifted right, because at each price point, a greater
quantity is demanded. An example of this would be more people suddenly wanting more coffee.
This will cause the demand curve to ____________ from the initial curve D0 to the new curve D1.
This raises the equilibrium price from P0 to the higher _____. This raises the equilibrium quantity
from _____ to the higher Q1. In this situation, we say that there has been an increase in demand
which has caused an extension in __________.
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How can we define the relation between price and quantity bought?
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How can we define the relation between price and quantity sold?
Exercise n. 2
Elasticity of Demand and Supply
An important concept in understanding supply and demand theory is elasticity. In this context, it
refers to how supply and demand change in response to various stimuli.
a) Describe an elastic relation price-quantity
b) Which of the two demand curves is more rigid (inelastic)?
c) Is the supply curve infinitely elastic or rigid?
Exercise n. 3
Write below which is the definition of Complements and which of Substitutes:
a) goods that are typically utilised together, where if one is consumed, usually the other is also.
b) if the price of one good rises, one may purchase less of it and instead purchase the other good
Exercise n. 4
economic subjects: Business Enterprises - Families - Government - Non-profit Organisations
·
Complete the right column:
Business Enterprises sell to
Families buy from
Families receive services from
Government provide services for
Non profit Organisations provide services
for
Exercise n. 5
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True False questions :
The original form of trade was barter, the direct exchange of goods and services. TRUE FALSE
A mechanism that allows trade is called a market
TRUE FALSE
Moveable assets are things like buildings and lands
TRUE FALSE
The allocation of goods may be to manufacture or to consume
TRUE FALSE
Raw material, semi-finished and finished products concern the nature of goods TRUE FALSE
Exercise n. 6 Table completion
Moveable Real estate Material Immaterial
Lands
Software
A bus
Books
An orchard
Licences
A stream
A bunch of roses
Exercise n. 7 Table completion
Write in the left column the name of well-known companies and describe their sector of activity on
the right:
Name of the company
Economic sector
SOLUTIONS
ECONOMIC ACTIVITY, BUSINESS AND TRADE, DEMAND AND SUPPLY
The use of a dictionary is not permitted
Exercise n. 1
Fill in the blank:
When more people want something, the quantity demanded at all prices will tend to increase. This
can be referred to as an increase in demand. The increase in demand could also come from changing
tastes, where the same consumers desire more of the same good than they previously did. Increased
demand can be represented on the graph as the curve being shifted right, because at each price
point, a greater quantity is demanded. An example of this would be more people suddenly wanting
more coffee. This will cause the demand curve to shift from the initial curve D0 to the new curve
D1. This raises the equilibrium price from P0 to the higher P1. This raises the equilibrium quantity
from Q0 to the higher Q1. In this situation, we say that there has been an increase in demand which
has caused an extension in supply.