Summary
Summary ECS1601 Economics - Study Notes
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- University Of South Africa (Unisa)
ECS1601 Study Notes (units 1 to 11) - 112 pages
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Content preview
CHAPTER 3 – INTERDEPENDENCE BETWEEN MAJOR SECTORS, MARKETSAND FLOWS IN THE MIXED ECONOMY
STUDY UNIT 1
Production, Income and Spending
*Identify the three major flows in the economy
Production – occurs and generates income
Income - earned
Spending – Buy available goods and services
*Distinguish between a flow and a stock
(Box 3-1 Stocks and Flows)
STOCKS FLOWS
Measured at a particular point in time Has a Time dimension – only
NO time dimension measured over a period
Water level of dam measured at a Flow of water into the dam measured
particular point in time (at 00:00 on over a period (1 May 2007 inflow
May 1 2007 capacity was 72,64%) was measured as 250 cubic metres
per second
Stock Takes Calculation of sales, profit or loss
Still pictures Moving pictures
Examples Examples
Wealth Income
Assets Profit
Liabilities Loss
Capital Investment
Population Number of births and deaths
Balance in savings account Saving
Unemployment Demand for labour
Gold reserves held by SA Res Gold sales, gold production
bank
Stocks and flows are related
Stocks can only change as a result of flows
Prices are ratios between different flows
Ratios between a stock and flow and visa versa have a time dimension
Ratios between two stocks and two flows have no time dimension
“Identify the two basic sets of markets in the economy
Goods Markets – Markets for goods and services
Factor Markets – Markets for factors of production
1
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