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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 __________. - How can we define the relation between price and quantity bought? - 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 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.