Key Concepts (Grade 12 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
Where are factors of production such as land, labour, and capital traded?
Where are factors of production such as land, labour, and capital traded?
In the factor market
Which institution is part of South Africa's financial sector?
Which institution is part of South Africa's financial sector?
The JSE
What characterises a closed economy?
What characterises a closed economy?
No foreign sector participation
What does GDP measure?
What does GDP measure?
Value within country's borders
In the expenditure method, GDP equals . What does I represent?
In the expenditure method, GDP equals . What does I represent?
Investment spending by firms
What does the real flow in the circular flow model represent?
What does the real flow in the circular flow model represent?
Movement of goods and services
Economic equilibrium occurs when which condition is met?
Economic equilibrium occurs when which condition is met?
If mpc is 0.8 and income rises by R1,000, how much is spent?
If mpc is 0.8 and income rises by R1,000, how much is spent?
R800
Which of these is an injection into the circular flow?
Which of these is an injection into the circular flow?
Exports (X)
Why do economists use a base year?
Why do economists use a base year?
To compare data over time