ECS1601 Assignment 7 (COMPLETE ANSWERS) 2024 - DUE 29 October 2024; 100% TRUSTED Complete, trusted solutions and explanations. For assistance, Whats-App 0.6.7-1.7.1-1.7.3.9. Ensure your success with us... Question 1 (5 marks) Maximum word count: 100 words
1.1
Suppose you live in South Africa and...
ECS1601 Assignment 7 (COMPLETE ANSWERS) 2024 - DUE 29 October 2024
ECS1601 Assignment 7 (COMPLETE ANSWERS) 2024 - DUE 29 October 2024 - Course Economics IB (ECS1601)
ECS1601 Assignment 7 (COMPLETE ANSWERS) 2024 - DUE 29 October 2024; 100% TRUSTED Complete, trusted solutions and explanations.Ensure your success with us...
Choosing to buy proudly South African products positively impacts the circular flow of income
and spending within South Africa's economy. When consumers purchase locally produced
goods, income circulates within the domestic market, benefiting South African households and
firms. These transactions generate higher demand for local goods, leading to increased
production, more employment opportunities, and higher incomes. Local firms may also
contribute to the government’s revenue through taxes, which, in turn, funds public services
and infrastructure, further stimulating economic growth.
In contrast, buying international brands redirects spending outside the country, reducing the
income circulating within South Africa and weakening local businesses. The opportunity cost
of choosing imported goods is the potential loss of domestic job creation, tax revenue, and
investment in local industries. By purchasing locally, consumers strengthen the economy,
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