Exam (elaborations)
Stuvia 670639 ecs1601 assignment 3 semester 1 2022
- Course
- ECS 1601
- Institution
- University Of South Africa
Stuvia ecs1601 assignment 3 semester 1 2022 exam pack questins and answers
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ECS1601ASSIGNMENT 3
SEMESTER 1
2022
, Stuvia.com - The study-notes marketplace
ECS1601
ASSIGNMENT 3 SEMESTER 1 2021
UNIQUE NUMBER: 789067
PREVIEW OF QUESTION 1
1. 3 Reference: Prescribed book PG 277
Although production, income and spending all occur simultaneously, it is useful to consider these
three flows in sequence, starting with production. Production creates income which is then used to
purchase the products that were produced in the first place. By definition, income is always equal to
production but there is no guarantee that all income will be spent. Spending may be equal to, greater
than or less than income.
.
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