NSC Economics exam paper 2
revision
Implicit costs - answer the value of inputs owned by the entrepreneur and used in the
production process, such as opportunity costs
Long run - answer a period of production in which all the factors of production can be
varied
Oligopoly - answer a market structure where a few large firms operate
Missing markets - answer when the private sector fails to provide certain goods and
services
Open-market transaction - answer forms part of monetary policy used to control the
supply of money
Domestic tourism - answer South African citizens travelling within the borders of the
country
Pollution - answer the introduction of harmful substances into the environment
Global warming - answerthe gradual increase in the temperature of the Earth's
atmosphere
Central bank - answerresponsible for monetary policy in a country
Fiscal policy - answergovernment's policy with regard to expenditure and taxation
revision
Implicit costs - answer the value of inputs owned by the entrepreneur and used in the
production process, such as opportunity costs
Long run - answer a period of production in which all the factors of production can be
varied
Oligopoly - answer a market structure where a few large firms operate
Missing markets - answer when the private sector fails to provide certain goods and
services
Open-market transaction - answer forms part of monetary policy used to control the
supply of money
Domestic tourism - answer South African citizens travelling within the borders of the
country
Pollution - answer the introduction of harmful substances into the environment
Global warming - answerthe gradual increase in the temperature of the Earth's
atmosphere
Central bank - answerresponsible for monetary policy in a country
Fiscal policy - answergovernment's policy with regard to expenditure and taxation
