National Account Aggregates (Grade 12 NSC Matric Economics): Flashcards

Standardised methods to determine total economic activity value

Value added at each stage of production across all sectors

Primary (agriculture), Secondary (manufacturing), Tertiary (services)

Income earned by owners of factors of production

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

GDP + Primary income from abroad - Primary income to abroad

Domestic: location of activity; National: ownership of factors

Adjusted for inflation using constant prices from a base year

Calculated using current prices, include effects of inflation

GVA + Taxes on products - Subsidies on products