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Summary Oxford Successful ECONOMICS Gr 11 - Chapter 2 R79,00
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Summary Oxford Successful ECONOMICS Gr 11 - Chapter 2
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Summary of Chapter 2: Measuring the output of economic goods and services, Module 1 Macroeconomics, from the textbook Oxford Successful Economics Grade 11 Learner's Book, covering gross domestic product and gross domestic expenditure, final consumption expenditure by households, consumption expendi...

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  • Chapter 2
  • June 15, 2024
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  • 2023/2024
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Available practice questions

ECONOMICS Gr 11 - Chapter 2 Flashcards

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Some examples from this set of practice questions

1.

What is the definition of Final Consumption Expenditure?

Answer: By households is the total spending of all households on final goods and services for a specific period of time

2.

What is the difference between GDP and GNI?

Answer: GDP is restricted to goods produced within a country, while GNI calculates the value of goods produced by the citizens of a country, no matter where they are located

3.

What does GNI stand for?

Answer: Gross National Income

4.

What is GDP?

Answer: It Is the value of the final output produced within the borders of a country within a given period of time (usually one year).

5.

What are the 4 characteristics of Final consumption expenditure?

Answer: - Services - Non-durable goods - Semi-durable goods - Durable goods

6.

What is the importance of Gross Fixed Capital Formation?

Answer: More capital goods a country has the more the economy grows.

7.

What method is used when calculating GDP at Factor Cost?

Answer: The Income Method

Content preview

SUMMARY
TEXTBOOK: Oxford Successful Economics Grade 11 Learner’s Book

AUTHOR: E. Basson, V. Beautement, L. Smith

CURRICULUM: CAPS

MODULE: 1 Macroeconomics

CHAPTER: 2 Measuring the output of economic goods and services



INTRODUCTION:

- Unit 1 Gross domes c product and gross domes c expenditure
- Unit 2 Final consump on expenditure by households
- Unit 3 Consump on expenditure by government
- Unit 4 Gross fixed capital forma on
- Unit 5 Na onal accoun ng aggregates



GROSS DOMESTIC PRODUCT AND GROSS DOMESTIC EXPENDITURE

GDP: is the value of the final output produced within the borders of a country within a given period of time
(usually one year).

GNI: is the value of the final output produced by the citizens of a country irrespective of where they are
located within a given period of time (usually one year)
 Firms employ factors of production.
 Domestic and foreign owners of the factors of production earn income (rent, wages, interest
and profit).
 Income is then spent on the output produced.
 Two assumptions:
o All income earned by households is spent.
o All output produced by firms is sold.
 Final output = final income


FINAL CONSUMPTION EXPENDITURE BY HOUSEHOLDS, CONSUMPTION EXPENDITURE BY GOVERNMENT
AND GROSS FIXED CAPITAL FORMATION TABLE

TYPE DEFINITION CHARACTERISTICS IMPORTANCE
By households is the Services: are non-material and are used To satisfy the needs
total spending of all as they are produced. and wants of
households on final households or
goods and services for a Non-durable goods: are goods that can individuals.
specific period of time. be used only once such as petrol or
food.
FINAL
CONSUMPTION Semi-durable goods: are those that last
EXPENDITURE for relatively short periods of time and
can be used more than once but needs
to be replaced frequently, such as pens.

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