1.1.1 The amount by which total cost increases when one extra product is produced is known as .. - NSC Economics - Question 1 - 2023 - Paper 2
Question 1
1.1.1 The amount by which total cost increases when one extra product is produced is known as ... cost.
1.1.2 The process during which a business makes itself known... show full transcript
Worked Solution & Example Answer:1.1.1 The amount by which total cost increases when one extra product is produced is known as .. - NSC Economics - Question 1 - 2023 - Paper 2
Step 1
The amount by which total cost increases when one extra product is produced is known as ... cost.
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Answer
The amount by which total cost increases when one extra product is produced is known as marginal cost. This term reflects the additional cost incurred for producing one more unit of a good or service.
Step 2
The process during which a business makes itself known to the public is known as ...
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The process during which a business makes itself known to the public is called advertising. This involves various strategies and methods to promote products or services to potential customers.
Step 3
When the business does not produce at the lowest possible cost, it is said to be ... inefficient.
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When a business does not produce at the lowest possible cost, it is said to be productively inefficient. This implies that the firm could produce the same level of output at a lower cost.
Step 4
In a perfect market normal profit is achieved when total revenue is equal to ...
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In a perfect market, normal profit is achieved when total revenue is equal to total cost. This indicates that a firm is covering all its costs without making an economic profit.
Step 5
The prices set or controlled by government are called ... prices.
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The prices set or controlled by government are known as administered prices. These are prices that are not determined by free market forces but rather regulated by governmental authorities.
Step 6
The activity of people travelling through South Africa using air, road, water or rail transport to get to another destination is known as ... tourism.
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The activity of people travelling through South Africa using air, road, water, or rail transport to get to another destination is classified as inbound tourism. This reflects travel into the country from other regions.
