Key Concepts (Grade 12 NSC Matric Economics): Flashcards

Value of final goods/services produced within country's borders

$C + G + I + (X - M)$

$S + T + M = I + G + X$

Additional spending when household income increases

Investment (I), govt expenditure (G), export revenues (X)

Savings (S), taxes (T), import expenditure (M)

Economy without foreign sector (no imports/exports/int'l flows)

Economy that trades with other countries & allows foreign invest

Where final products and services are bought and sold

Where factors of production (land, labour, capital) are traded