Key Concepts (Grade 12 NSC Matric Economics): Flashcards
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Central national govt focus areas
Central national govt focus areas
National security, defence, foreign policy
Local govt level & responsibilities
Local govt level & responsibilities
Municipal/town; local infrastructure, waste, services
Public goods key characteristics
Public goods key characteristics
Non-excludable and non-rivalrous
Free rider problem definition
Free rider problem definition
People benefit from goods without contributing to cost
Merit goods definition
Merit goods definition
Provide benefits to both individuals and society
Examples of demerit goods
Examples of demerit goods
Cigarettes and alcohol
MTBPS purpose
MTBPS purpose
Sets out govt budget plans over 3-year period
State Owned Enterprises (SOEs) definition
State Owned Enterprises (SOEs) definition
Businesses owned wholly or partially by government
Direct taxes characteristic
Direct taxes characteristic
Paid directly to govt, cannot be shifted to someone else
Current VAT rate in South Africa
Current VAT rate in South Africa
15%