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QUESTION 2 40 Marks 2.1.1 Name TWO different stakeholders of a business. (2) 2.1.2 How does economic growth relate to economic development? (2)     [4] 2.2 Study the picture and answer the questions that follow: RIGHT CLICK ON THE BUTTON TO OPEN THE PICTURE IN A NEW TAB:     2.2.1 Calculate the relative price of shoes in terms of hamburgers. (2) 2.2.2 What is the opportunity cost of buying shoes? (2) 2.2.3 Calculate the real price of shoes if the nominal price of shoes doubles to R2080, but the nominal price of hamburgers remains the same. (2) 2.2.4 Discuss two functions of prices. (4)     [10] 2.3 Study the graph and answer the questions that follow: RIGHT CLICK ON THE BUTTON TO OPEN THE GRAPH IN A NEW TAB:     2.3.1 Identify the name for curve A. (1) 2.3.2 Identify the name for curves B and C. (1) 2.3.3 Interpret what curves B and C indicate separately. (4) 2.3.4 Is it better for a country to have a Gini coefficient of 0,3 or 0,9 and what is South Africa’s Gini coefficient? (2) 2.3.5 Name two reasons for inequality in possession of wealth. (2)     [10] 2.4 With the aid of graphs, explain how changes in the product market would affect the factor market. (8) 2.5 With the aid of graphs, explain the effect of price changes on revenue for producers with elastic demand and for producers with inelastic demand. (8)     [40]

1.3.2 Previously communist countries from Eastern Europe. (1)

Column A Column B 1.2.1  Poverty A  Dependence on the primary sector. 1.2.2  Developing country B  Expressed by low living standards. 1.2.3  Economic development C  Measures the area above the line of   equality. 1.2.4  Gini coefficient D  Increases in the standard of living. 1.2.5  Market system E  Rewards successful entrepreneurs. 1.2.6  Technology F  Measures the degree of inequality.     G  Embodies new ways to produce goods.     H  When you are not rich. (6)

1.3.4 The point where MR = MC. (1)

1.3.3 The remuneration of entrepreneurs. (1)

1.1.3 In die langtermyn …. . (2)

1.3.3 The remuneration of entrepreneurs. (1)

1.1.1 The opportunity cost of a good is the same as its …. . (2)

2.3 Explain how the theme of “living a meaningful life” is explored in the play “My Children! My Africa!”. (5)

1.1.4 Income from wealth assets, divided by the interest rate, denotes …. . (2)