10 Questions
What are the key learning outcomes of this unit?
Understanding market meaning and types, providing real examples, explaining behavioral principles
What do economic goods have in contrast to free goods?
Scarcity and opportunity cost
What does price signify in common parlance?
The quantity of money necessary to acquire a good or service
Which type of goods are exchangeable in the market and command a price?
Economic goods
What are examples of free goods mentioned in the text?
Air and sunlight
What is the passing criteria for the CA Foundation exam 2023?
40% marks in each paper and an aggregate of 55% in all four papers
How often does ICAI conduct the CA Foundation exam?
Twice a year
Where can candidates find details about the CA Foundation paper pattern 2023?
ICAI's official website - icai.org
What can knowledge of the CA exam pattern help candidates with?
Prepare a strategy for the exam
What does ICAI specify on its official website regarding the CA Foundation 2023 exam pattern?
The number and type of questions asked, subjects included, marking scheme, and duration of national-level exam
Study Notes
Key Learning Outcomes
- Unit learning outcomes not specified in the text
Types of Goods
- Economic goods have a limited supply and are available at a price
- Free goods have an unlimited supply and are available at no cost
- Price signifies the amount of money that consumers are willing to pay for a good or service
Exchangeable Goods
- Economic goods are exchangeable in the market and command a price
Examples of Free Goods
- Not specified in the text
CA Foundation Exam 2023
- Passing criteria: not specified in the text
- Exam frequency: conducted by ICAI multiple times a year
- Exam pattern details: available on the ICAI website
CA Exam Pattern
- Knowledge of the exam pattern helps candidates with preparation and time management
- ICAI specifies the CA Foundation 2023 exam pattern on its official website
Test your knowledge about the meaning and types of markets in economics, and how they influence price determination. Explore real-life examples and behavioral principles underlying different market types.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
