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  3. Stellenbosch University (SUN)
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  5. Economics 114

Summary

Summary Economics 114 Units 1, 2 and 3

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  • Course
  • Economics 114
  • Institution
  • Stellenbosch University (SUN)
  • Book
  • The Economy

Digitally summarized economics notes for economics 114. * Please note that if the display example seems smaller than A4, the downloaded version will not be like this - it will be full-sized.

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  • No
  • Unit 1, 2 and 3
  • June 1, 2022
  • 12
  • 2021/2022
  • Summary

Subjects

  • economics 114
  • economics
  • 114
  • ecos 114
  • economics summaries
  • ecos
  • ecos 114 summaries
  • unit 1 economics 114

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  • Economics 114
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UNIT 1: THE CAPITALIST REVOLUTION "




1700s capitalism > advances in technology ,
increase in average living standards capitalist revolution
7 productivity in workplace
>
specialisation


private Martlets
firms
property
✓


economics compare living standards


how with each other GDP domestic
product / income
*
study of people interact and :
gross
↳ total of every
the natural environment in producing their livelihoods value
good + service


produced by a country 's economy in a

Disposable income
GDP / capita +
wellbeing income after
time period ( market value of all goods)
paying
~
income has a major influence taxes
*
GDP / capita =
GDP
receiving
+


population
on
wellbeing ,
but does Not account for : government transfers
>
average annual income per person
environment
quality
•




•
healthcare + education
> measures average living standards


relationships
•




•
meals / childcare comparing growth rates

*
ratio scale

income does *
change income
GDP vs Disposable > not
growth rate = in
original level income
takes government goods and services

into account
=

y current Yprevious
-




Y previous


growth line
* rate
constant =
straight
sustained griwth began at diff .
times
\
faster rate
diff steeper =


in .
countries , leading to vast

differences in living standards between countries

e.
g. World Hockey Stick


African Hockey stick

~
interceded by crises that prevented sustained economic
growth
only took off in 1960s due colonialism slavery ( overuse in agriculture mining's
primary
~ to : sectors + extraction +
, ,




¥ segregation ( debt
,
labour decline , education, skills , hampered innovation)
lack of
data
quality

, Permanent technological revolution Industrial revolution

scientific +
technological advances in ±
1750s
pg
wave of technological advances +
organisational
18th
-


e.
g. textiles
, energy ,
transpiration technologies changes starting in Britian in century
cumulative nature MD industrial revolution ( new ideas .
Methods ,
Machinery ,
Commercial +




industrial economy )


technology
process that takes a set of materials

and other inputs ( like work of
progress ,
reduces amount resources needed to produce
labour machines ) and of
+ creates a
given amount output
an output



*
technological progress drastically decreased work hours + increased living standards
\ ' '
Bottom %
sudden upward kink
caused a in : • GDP /
capita >
TOP 10-1 .




mmmm
labour
productivity Cnotuinequalitywo
•




•
communication


impact of
economy on global environment
•




CAPITALISM

economic system c of organising production of
goods and services in an
economy ) characterized by
•


way

a combination of new institutions ( laws / customs that govern ) built around private property ,
markets

and firms
may be used in
any way you wish
①
•
most economies today are capitalist • >
private property
•


equipment , buildings ,
durable inputs
capital goods { used in
producing goods and services

•
may be owned by individuals, families ,


②
markets : means of transferring goods / services from a business etc .

except government
,


¥ •
one
person to another through a
process
☒ of buying and selling ( things being exchanged are private property )
E
firm is a way of
③ firms : a
organising production ( restaurants banks large farms internet service providers) , , ,

•
privately owned
• One or more individuals own a set of capital goods that are used in production.
NOT
family businesses,
non-profit organisations
• They pay wages and salaries to employees.
They direct the employees (through the managers they also employ) in the production of goods and services. government owned
-




•
• The goods and services are the property of the owners. entities

• The owners sell the goods and services on markets with the intention of making a profit.
offer internships > these play a
•
can
die able hire lesser role in a
•
can be born, expand and
very quickly to
many employees
not enough profit > die capitalist economy

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