Circular Flow and Quantitative Elements (Grade 10 NSC Matric Economics): Flashcards
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Practise the cards
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Name the 5 economic participants
Name the 5 economic participants
Households, businesses, financial institutions, govt, foreign sector
What are economic participants?
What are economic participants?
Groups that play roles in how money, goods, services move around
3 key economic activities
3 key economic activities
Production, earning income, spending
What is real flow?
What is real flow?
Movement of goods and services between economic participants
What is monetary flow?
What is monetary flow?
Movement of money and payments between economic participants
What do households provide to businesses?
What do households provide to businesses?
Labour (their work)
Effect of govt collecting taxes on circular flow
Effect of govt collecting taxes on circular flow
Money leaves the circular flow
Effect of exports on SA economy
Effect of exports on SA economy
Money flows into the economy
Effect of imports on SA economy
Effect of imports on SA economy
Money flows out of the economy
What is an open economy?
What is an open economy?
Economy that engages in international trade via imports & exports