The Main Aggregates (Grade 11 NSC Matric Economics): Flashcards
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GDP definition
GDP definition
Total value of final goods & services produced in a country yearly
Three methods to calculate GDP
Three methods to calculate GDP
Value added, income, expenditure methods
What GVA measures
What GVA measures
Value added at each production stage, prevents double-counting
GDE formula
GDE formula
C + G + I
Components of GDE: C, G, I
Components of GDE: C, G, I
C=household consumption, G=govt spending, I=investment
Expenditure on GDP formula
Expenditure on GDP formula
C + I + G + (X - Z)
X and Z in GDP formula
X and Z in GDP formula
X = exports, Z = imports
Three benefits of exports
Three benefits of exports
Increase production, create jobs, bring foreign currency
GNI definition
GNI definition
Total income earned by a country's residents in one year
GDP income method formula
GDP income method formula
Rent + interest + wages + profits