Economics Study Guide (Grade 10-12)

MACRO-ECONOMICS: Definition & methods of Economics; The scarcity problem; Promotion or violation of human rights; The circular flow diagram, Business cycles; Factors of production; The main aggregates GDP: GDE, and GDI & conversions; Economic business sectors; Energy, transport and communication; The multiplier; Business cycles; Public sector; Laffer curve; International trade; Balance of payments account; Foreign exchange markets

MICRO-ECONOMICS: The dynamics of markets; Value, price and utility; Composition & functions of markets; Production possibility curve; Indirect taxes; Subsidies; Welfare; Production; Minimum wages; Relationships between markets; Objectives of businesses; Price elasticity; Income elasticity and cross elasticity of demand; Perfect & imperfect competition; Market failures

ECONOMIC PURSUITS: Stages in economic development; Economic development in South Africa; African labour force; Wealth creation process; Distribution of wealth; Redistribution methods; Economic growth; Measuring economic development; Development strategies; Indigenous knowledge systems; Banking; Monetary policy; Bank failures and consequences;; Export promotion; Import substitution; Free trade

CONTEMPORARY ECONOMIC ISSUES: Unemployment; Marginalised groups and participation in the economy; Labour market in the South African context; Reconstruction of the South African economy after 1994; Poverty; Absolute and comparative advantages; Globalisation; Environmental deterioration, protecting the environment, approaches to sustainability; Inflation; Tourism

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