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Economics (EKN 120): complete course summary notes R350,00
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Economics (EKN 120): complete course summary notes
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This document is a complete handwritten summary of a Southern African Context - Economics (EKN). It includes: Chapter 11: The South African Economy, Circular Flows & Economic Limitations Chapter 12: Measuring domestic output and national income Chapter 13: Basic macroeconomic relationships Ch...

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  • November 10, 2023
  • 92
  • 2023/2024
  • Summary

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Economics

,
,
, How do households spend their money ? general trend :
over 10 % consumption on :




I taxes paid to gort ·
utilities
2 . Savings ·

transport
3. Disposable Income (money left over ·
food

after savings + taxes used on personal
·
non-alcoholic beverages
consumption expenditures]

the higher the household
Household spending catagories : income ,
the smaller the %

durable goods : goods with an of their income spent on

expected life of 3years or more methods of measuring st's inequality ·
food & non diconolic
.
eg automobiles furniture .
etc I . GINI Natio (CH15) beverages
,

2. Palma Ratio
·

clothing
semi-durable goods middle class families :
2 GNI ·

footwear

commodities have lives of less rest split betw .
richest 10 % &
than three years poorest 40 %
eg
. clothing
& footwear



non-durable goods
a consumer good with an Foreign sector
expected life of less than 3 years ·
consists of a large no .
Of indu . States , each with its own dort , consumers
eg . food
a fuel and business enterprises
·

evern national gort=sovereign also in respect of its econ policy
services
an (intangible) act or use RSA= open economy

for which a consumer ,
·:
country extensively involved ininternational trade
firm or government is enious welfare gains offered by active participation in international
willing to pay
. Trade
sensitive to changing world events

South Africa-service-orientated
economy : spends highest
of GNI on services

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