hoofstuk+3.1 3.4 chapter+3.1-3.4
TRANSCRIPT
Mohr & Fourie: Chapter / Hoofstuk 3
Economics is the art of making the most out of life
– GB Shaw
Outcomes of 3.1-3.4
Explain and illustrate the 3 flows in the economy Differentiate between stock and flow
variables Differentiate between firms and
households How are their activities linked (illustrate
and explain)? Define 2 types of markets Describe government sector and
interaction between government, households and firms (illustrate and explain) Budget
Explain and illustrate the interaction between foreign sector and domestic economy
Uitkomstes van 3.1-3.4
Verduidelik en illustreer 3 vloeie in die ekonomie Onderskei tussen voorraad- en
vloeiveranderlikes Onderskei tussen firmas en
huishoudings Hoe is hulle aktiwiteite verbind (illustreer
en verduidelik)? Definieer 2 tipes markte Beskryf owerheidsektor, en
wisselwerking tussen owerheid, huishoudings en firmas (illustreer en verduidelik) Begroting
Verduidelik en illustreer wisselwerking tussen buitelandse sektor en binnelandse ekonomie
Introduction Main participants:FirmsHouseholdsGovernmentForeign sectorFinancial sector
Inleiding
Hoofdeelnemers:FirmasHuishoudingsOwerheidBuitelandse sektorFinansiële sektor
Introduction
Markets:Goods and servicesFactors of production
Interdependence
Inleiding
Markte:Goedere en diensteProduksiefaktore
Onderlinge afhanklikheid
3.1ProductionFirms produce goods creates
income to PFIncome Income is spent it on goods &
servicesExpenditureExpenditure on goods and
services → income for firms, which can produce goods again
3.1ProduksieFirmas produseer goedere en
skep inkome vir PFInkome Inkome word bestee op
goedere & diensteBestedingBesteding op goedere en
dienste → inkomste vir firmas, wat dan goedere kan produseer
3 main flows 3 hoofvloeie
Die 3 vloeie verbind ekonomiese aktiwiteit.
TP = TB = TI
These 3 combine economic activity.
TP = TE = TI
3.1There are 3 main flows that
link economic activity, what are flows?
Flow – measured over time period Example?
Stock – measured on moment Example?
3.1
Daar is 3 hoofvloeie wat ekonomiese aktiwiteit verbind, maar wat is vloeie?
Vloei – oor tydperk gemeet Voorbeeld?
Voorraad – op tydstip gemeet Voorbeeld?
3.1
Apart from production, income and expenditure, the other economic activity that links the various sectors is exchange
Exchange occurs in 2 markets:Goods market Definition?
Factor market Definition?
3.2 → interdependence of participants
3.1
Buiten produksie, inkome en besteding, is ruil die ander ekonomiese aktiwiteit wat sektore aan mekaar verbind
Ruil vind plaas in 2 markte:Goederemark Definisie?
Faktormark Definisie?
3.2 → onderlinge afhanklikheid van deelnemers
2.4… Wat is ‘n mark?
Mark vir G+D
Mark vir Produksiefaktor
e
3.2Households Definition?
Consumers
What is the role of a household in the economy? Income Expenditure
Summary p. 44 Abbreviation: C
TB = C + I + G + X - Z
3.2
3.1FirmsDefinition? Producers
What is the role of firms in the economy? Income Expenditure
Summary p. 46Abbreviation: I
TB = C + I + G + X - Z
3.2
3.2
2 markets?Combine firms, households
and 2 markets = interaction Goods and services circular
flowStart with households...
Income and expenditure circular flow Start with firms, opposite
direction!
3.2
2 markte?Kombineer firmas,
huishoudings en 2 markte = wisselwerking Goedere-en-
dienstekringloopBegin by huishoudings...
Inkome- en-bestedingskringloop Begin by firmas,
teenoorgestelde rigting!
3.3GovernmentDefinition
Primary function?
What is the role of government in the economy?
Income (T) Expenditure (G) Transfer payments
3.3OwerheidDefinisie
Primêre funksie?
Wat is die rol van die owerheid in die ekonomie?
Inkomste (T) Besteding (G) Oordragbetalings
3.3
Government Leakage Withdrawal from the income flow T
Injection Adds in the income flow G
Abbreviation: G
TB = C + I + G + X - Z
3.3
Owerheid Lekkasie Ontrekking uit inkome kringloop T
Inspuiting Toevoeging in inkome kringloop G
Afkorting: G
TB = C + I + G + X - Z
3.4
Foreign sectorDefinition?SA is an open economyTransactions recorded in the
balance of paymentsBox 3-4 Classifications
Developed (industrialised) and developing countries
World Bank income groups
3.4
Buitelandse sektorDefinisie?SA is ʼn oop ekonomieTransaksies aangeteken in
betalingsbalansRaam 3-4 Klassifikasies
Ontwikkelde (nywerheidslande) en ontwikkelende lande
Wêreldbank inkomstegroepe
High income (blue); Upper-middle income (green); Lower-middle income (purple); Low income (red)
3.4
Foreign sectorHow does the foreign sector
take part in the circular flow? Export (X) and Import (Z)
Leakage? Withdrawal from the income flow Z
Injection? Adds to the income flow X
Abbreviation: X – ZY = C + I + G + X - Z
3.4
Buitelandse sektorHoe neem die buitelandse
sektor aan die kringloop deel? Uitvoer (X) en Invoer (Z)
Lekkasie? Ontrekking uit inkome kringloop Z
Inspuiting? Toevoeging in inkome kringloop X
Afkorting: X – ZY = C + I + G + X - Z
Homework
Draw the income and spending circular flow AND the goods and services circular flow in ONE illustration Clearly show the direction of the
flows. Question 1, 2 & 4 in textbook
Huiswerk
Teken die inkomste-en-bestedingskringloop EN die goedere-en-dienstekringloop in EEN illustrasie Dui duidelik die rigting van die vloeie
aan. Vraag 1, 2 & 4 in handboek
Next session
Sections 3.5 and 3.6
REMEMBER TO SUMMARISE YOUR WORK USING THE
TEXT BOOK!
Volgende sessie
Afdelings 3.5 en 3.6
ONTHOU OM JOU WERK VANUIT DIE HANDBOEK OP
TE SOM!
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