Chapters 14-16 Economics

4. The transfer of the ownership of assets from the public sector to the private sector.
6. The monetary authority that oversees and manages the economy's money supply and banking system.
7. This takes place when it is difficult to move a factor of production from one geographical location to another.
9. The purchase of private sector assets by the government.
11. This function of money involves making it easier to conduct trade.
12. This characteristic of money requires that money be widely recognised and accepted as a medium of payment for goods and services.
14. This method is used by the government to address market failure and encourage consumption of a good.
15. This method is used by the government to address market failure and reduce the supply of demerit goods like cigarettes.
16. This service is an example of a merit good
17. These commodities have positive spill over effects on the economy when consumed.
18. These commodities have negative spillover effects on the economy when consumed.

1. This service is an example of a merit good.
2. This takes place when it is difficult to move a factor of production from one type of work to another.
3. This good is an example of a demerit good.
5. These goods and services are non-excludable and non-rivalrous
8. This commodity is an example of a demerit good.
10. This form of money is held by the central bank.
13. banknotes and coins