2 Choose the correct description from COLUMN B that matches an item in COLUMN A. 1.3 Give ONE TERM for each of the following descriptions.

Here are the solutions to the questions:

1.2 Choose the correct description from COLUMN B that matches an item in COLUMN A.

• 1.2.1 Economic goods: C
• 1.2.2 Open economy: D
• 1.2.3 Subsidies: E
• 1.2.4 Capital deepening: B
• 1.2.5 Black market: G
• 1.2.6 Scarcity: A

1.3 Give ONE TERM for each of the following descriptions.

• 1.3.1 The payment that owners of labour receive in exchange for their physical and mental capacity.
  • Wages
• 1.3.2 The total value of all final goods and services produced by the permanent residents of a country in a certain period of time.
  • Gross National Product
• 1.3.3 An economic system that combines both the characteristics of a free market economy and a centrally planned economy.
  • Mixed economy
• 1.3.4 The sector of the economy that provides services.
  • Service sector