Summary
Grade 10 - Economics summary
- Course
- Economics
- Institution
- 10th Grade
This is a summary on all topics covered in economics for grade 10.
[Show more]
Seller
Follow
Content preview
Description and elementsUnpacking economics Branches of Economics
Approaches to Economics
Positive and normative
Basic concepts
statements The Scientific method
The methods of economics
Economics:
Difficulties faced by Social
Sciences The use of models
Accounting
The setting of economics within Business Studies
the field Commercial law
Mathematics of finance
- Statistics - Maths
Relationships with other sciences and - IT - Law - Geography
career opportunities
- Politics - Sociology
, UNIT 1 – Unpacking economics
1.1 DESCRIPTION AND ELEMENTS
An economy is a place where ….
Economics is a social science that ….
Activity 2 page 5
Assignment – Term 1 (Pg 75) This is due on Friday 8 February 2019
Represents
demand side
Can you explain the relationship between scarcity and opportunity
cost?
When resources are scarce, consumers must choose to satisfy Represents supply
certain needs/wants over others, in the process giving up their side
satisfaction of other needs.
, TYPES OF ECONOMIC SYSTEMS
Types of economies
Traditional image1
Command
Market
Mixed
1.2 Branches of economics (including macroeconomics and micro economics)
Monetary; (Money and banking industry)
There are FOUR factors of production that must be remunerated (rewarded)
International; (International trade and finance)
Public Sector; (Decisions and policies made by a country’s government)
Development; (Strategies and policies that help countries to develop and grow)
Labour; (Demand and supply of labour and factors affecting productivity) Environmental;
(Environmental issues and implications of certain environmental decisions on society)
Regional; (Specific geographical regions responsible for the production of certain
goods/services) +others
Deals with the
exchange of
ECONOMIC QUESTIONS AND DECISIONS goods/services
, 1.3 Approaches to economics
Macroeconomics Macroeconomics studies the sum total of economic activity. It includes regional,
Macroeconomics Microeconomics
national and international study fields. So, macroeconomics studies aggregated or total indicators
such as statistics, the total income of the nation, inflation and unemployment rates.
Is the study of the economy as aIs the study of individual consumer,
whole. household, firms and other organisations.
It focuses on the economic Focuses on the supply and demand
behavior of a society. decisions of individuals.
E. G. Study of inflation, Consider the individuals demand for a
unemployment , or a country's certain product at a certain price, oh how
economic performance. individuals decide what to buy and when to
buy it.
Discuss activity 5 Q1. (Pg 11)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller meganvdberg86. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R200,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
48298 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 15 years now