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# grade12

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Labor division
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Labor division

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Factors of production
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Factors of production

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Organization
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Organization

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Capital
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Capital

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Exceptions/ Limitations of the law of substitution
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Exceptions/ Limitations of the law of substitution

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Importance of the law of diminishing marginal utility
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Importance of the law of diminishing marginal utility

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Importance of concept of Consumers’ Surplus
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Importance of concept of Consumers’ Surplus

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Criticism of Consumers’ Surplus
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Criticism of Consumers’ Surplus

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Consumer Surplus
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Consumer Surplus

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Concepts of Utility
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Concepts of Utility

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The Law of diminishing marginal utility
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The Law of diminishing marginal utility

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Utility
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Utility

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Limitation of diminishing marginal utility
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Limitation of diminishing marginal utility

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Positive cross elasticity of substitute goods
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Positive cross elasticity of substitute goods

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Negative cross elasticity of demand
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Negative cross elasticity of demand

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