Exercises

Skills required: Understanding the meaning of shortage, Give examples that can show the concept ‘shortage’, Under the reason of black market exist under shortage

Skills required: Understanding the meaning of shortage, Give examples that can show the concept ‘shortage’, Under the reason of black market exist under shortage

Skills required: Distinguish the difference between demand and quantity demanded

Skills required: Understanding the meaning of shortage, Give examples that can show the concept ‘shortage’, Identify shortage form the condition given by a question

Skills required: Understand the background information, able to draw a supply-demand diagram, identify the change in production cost, able to show the change in demand in the diagram

Skills required: Understand the background information, able to show the current condition in a diagram, understand the meaning of shortage, able to draw a supply-demand diagram, able to show the change in demand in the diagram

Skills required: Distinguish the difference between supply and quantity supplied, understanding the meaning of fixed in price

Skills required: Distinguish the difference between demand and quantity demanded

Skills required: Distinguish the difference between supply and quantity supplied, understanding the meaning of fixed in price

Skills required: Understand the relationship between two products, able to draw a supply-demand diagram, able to show the change in demand in the diagram

Skills required: Understand the meaning of normal goods, understand the effect of increase in household income, able to draw a supply-demand diagram, able to show the change in demand in the diagram

Skills required: Understanding the meaning of surplus, Give examples that can show the concept ‘surplus’, Identify surplus form the condition given by a question, Able to explain how the market force helps to solve the problem of surplus, Identify surplus form the condition given by a question