Summary
Summary Chapter 11
- Course
- EKN 120 (EKN120)
- Institution
- University Of Pretoria (UP)
overview summarization of the key concepts and learning outcomes of the chapter
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Chapter 11Land and population.
- South African land area covers 1 219 090 km^2
land area consists of nine provinces of which:
- Northern Cape 30% but only 2% of the population
- Gauteng takes up 1.4% and hosts up 26% of the population
population 2019: 58.8 million
- African more than 80% total
- colored around 9% total
- Indian Asian just below 3% total
- 51% of total is female
Role players
Household
household - consists of a single person a family or a group of people who live together depend on a
common income within the limits of that income exercise their choices with a view to meeting the
economic objective.
Household’s functions are mainly:
- To supply primary production factors (labor, land, capital).
- Use the income received from the supplier of the production factors to purchase final goods and
services.
Intermediate function - mainly the production of goods and services
Sources and distribution of income
Sources of income includes:
- Work (salaries, wages, self-employment and business income)
- Grants
- Social Security system
- capital related income
- private pensions
- annuity imputed rent
Two main incomes - work income and social grant
Imputed income - is non-cash consumption benefits acquired either from owning durable poverty or
from performing personal services.
, Imputed income -consists of rent on wages
Functional distribution of income
- Indicates how the households earned income is a apportioned among income from work and its
related category and income from other sources.
- Wages are paid to laborers
- rent and interests are paid to owners of property resources
- profits are paid to owners of corporation businesses
personal distribution of income – the manner in which the incomes personal or disposable income is
divided among different income classes or different households or families.
Households as spenders
Household income flows government as taxes some of it as savings and the remainder is available as
disposable income.
Personal consumption expenditure
South African consumers spend their goods on
Durable goods - consumer goods with expected life of three or more years e.g automobiles
furniture and computers
Semi-durable goods - Include goods such as clothing footwear with a longer lifespan the non-
durable goods
Non-durable goods - a consumer good with an expected life use of less than three years such as
food and fuel
Business enterprises
Business enterprise - an economic decision taker whose purpose is to earn income or make profit by
supplying goods and services for which the existed demand in the economy ,these include butcher,
shops ,the doctor, the bank and the supermarket.
- General function of business enterprises the production of goods and services
The business population
Constitute the second major component of the private sector
Plant- physical establishment
- factory mine or store
-Performs one or more functions and fabricating and distributing goods and services
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