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Summary Supply and demand

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My documents contains lecture notes from slides and 5th edition microeconomics textbook. The notes focuses on demand and supply, explaining how market forces work together to derive equilibrium prices and quantity , and it also examines them both individually.

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  • April 13, 2023
  • 218
  • 2022/2023
  • Summary
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Directorate: Curriculum: FET




ECONOMICS GRADE 12 CORE NOTES




WESTERN CAPE EDUCATION DEPARTMENT

ECONOMICS GRADE 12 CORE NOTES

BASED ON THE NATIONAL EXAMINATION GUIDELINES

JANUARY 2019

SENIOR CURRICULUM PLANNER: MR. T.E. SIKITI



1
Adapted by: Economics Subject Advisors 2018

,Contents

Topic 1 Circular Flow

Topic 2 Business Cycles

Topic 3 Public Sector

Topic 4 Foreign Exchange Markets

Topic 5 Protectionism

Topic 6 Perfect Markets

Topic 7 Imperfect Markets

Topic 8 Market Failures

Topic 9 Economic Growth

Topic 10 Regional Development

Topic 11 Economic and Social Indicators

Topic 12 Inflation

Topic 13 Tourism

Topic 14 Environmental Sustainability




2
Adapted by: Economics Subject Advisors 2018

,MAIN TOPIC: MACRO ECONOMICS – PAPER 1

TOPIC 1: CIRCULAR FLOW MODEL

SUBTOPICS:

1.1 The open eocnomy circular flow model.
• Equation
• Markets

1.2 National account aggregates
• NationaL account conversions

1.3 The multiplier


------------------------------------------------------------------------------------------------------------------


1.1 The open economy circular-flow model

CONCEPTS related to the circular flow:
Mind-the-Gap
Enjoy Economics




3
Adapted by: Economics Subject Advisors 2018

, Description / Definition

• The circular-flow model of the economy is a simplification showing how the
economy works and the relationship between income, production and spending
in the economy as a whole.
• The circular-flow model of an open economy shows the workings of an
economy that is open to foreign trade.
• It is different to a closed economy because it includes the foreign sector.

Diagram




(Enjoy Economics)
Participants:
Households
• There is a flow of money and goods and services between the household
sector and business sector.
• Households are the owners of the services of factors of production and they
place their factors of production on the market so that it can be bought.
• Households earn income in the form of wages by selling their factors of
production to business.

Business Sector
• Business uses factors of production to produce goods and services on which
the household sector spends their income
• Businesses place goods and services on the product market which is bought by
households to satisfy their needs
• Business receives an income.
• State / Government

4
Adapted by: Economics Subject Advisors 2018

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