Economic Growth and Development (Grade 12 NSC Matric Economics): Flashcards
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Economic growth definition
Economic growth definition
Increase in a country's real GDP
Economic development definition
Economic development definition
Increase in real GDP per capita + improved living standards
Demand-side approach focus
Demand-side approach focus
Influencing total spending (aggregate demand) in economy
Components of aggregate demand
Components of aggregate demand
Consumption (C), Investment (I), Exports (X), Gov spending (G)
SARB role in monetary policy
SARB role in monetary policy
Central bank maintaining price stability by managing inflation
Progressive personal income tax
Progressive personal income tax
Higher income earners taxed at higher rates than lower earners
Cash benefits examples (SA)
Cash benefits examples (SA)
Old age pensions, disability grants, child support, unemployment
Supply-side approach focus
Supply-side approach focus
Improving economy's production capacity & efficiency
Supply-side cost reduction areas
Supply-side cost reduction areas
Transport costs, communication expenses, energy costs
Demand-side vs Supply-side difference
Demand-side vs Supply-side difference
Demand-side increases spending; Supply-side improves production