illustrate the world. c. First model: The circular flow diagram: is a visual model of the economy that shows how dollars flow through markets among households and firms. d. Second model: The production possibilities frontier: is a graph that shows the various combinations of output that the economy can possibly produce given the available factors of production and the available production technology 4. Microeconomics and Macroeconomics a. Microeconomics: is the study of how households
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ECONOMICS EXAMINATION GUIDELINES GRADE 12 2014 These guidelines consist of 25 pages. Copyright reserved Please turn over Economics 2 Examination Guidelines DBE/2014 INDEX PAGE 3 1. INTRODUCTION 2. ASSESSMENT IN GRADE 12 2.1 Format of the question papers 2.2 Detail of question papers 4 4 4 3. CONTENT 6 4. CONCLUSION Copyright reserved 25 Please turn over Economics 1. 3 Examination Guidelines DBE/2014 INTRODUCTION The Curriculum and Assessment Policy Statement (CAPS) for
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Fundamentals of Macroeconomics Paper Part 1: Describe the following terms in your own words. Gross domestic product (GDP) is the indicator of the economic health of a country. Also a measure of the dollar value or goods produced at a given time period. Real GDP is nominal GDP adjusted for inflation. Real GDP is also what is important to a society because it measures what is really produced. Nominal GDP is a gross domestic product (GDP) number that has not been adjusted for inflation
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Question 1 1.1 The three basic purposes of macroeconomic theories are: • To explain how different items are associated in the complex real economic world. In the economic environment there are unlimited wants, but the means of getting those wants are limited due to insufficient resources to satisfy all possible uses. Therefore some resources must be given priority over others. Example: Gold has a higher value than quartz in the economic world. Gold is scarcer than quartz, so gold is a higher priority
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Learaye Macroeconomics Economic Growth & GDP “Gross domestic product does not allow for the health of our children, the quality of their education or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of neither public debate not the integrity of our public officials. It measures neither our courage nor our wisdom, not the devotion to our country. It measures everything, in short, except that which makes life worthwhile
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Principles, and Models o Microeconomics and Macroeconomics o Individuals’ Economizing Problem o Society’s Economizing Problem o Production Possibilities Model o Unemployment, Growth, and the Future • Ch. 2: The Market System and the Circular Flow o Economic Systems o Characteristics of the Market System o Five Fundamental Questions o The “Invisible Hand” o The Demise of the Command System o The Circular Flow Model • Ch. 6: Elasticity, Consumer Surplus
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and Models o Microeconomics and Macroeconomics o Individuals’ Economizing Problem o Society’s Economizing Problem o Production Possibilities Model o Unemployment, Growth, and the Future • Ch. 2: The Market System and the Circular Flow o Economic Systems o Characteristics of the Market System o Five Fundamental Questions o The “Invisible Hand” o The Demise of the Command System o The Circular Flow Model • Ch. 6: Elasticity, Consumer
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Running head: Fundamentals of Macroeconomics Paper Fundamentals of Macroeconomics Paper – Part 1 Fundamentals of Macroeconomics Paper – Part 1 * Gross Domestic Product (GDP) – The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory
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------------------------------------------------- University of Phoenix Material Macroeconomic Terms Define the following terms in your words. Term | Definition | Definition Source | Gross Domestic Product (GDP) | GDP is the total market value of all goods and services produced within an economy in a one year period. | | Real GDP | Real GDP is the total amount of goods and services produced, adjusted for price level changes. | | Nominal GDP | When the current prices are used
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Economic Assessment: Outcome 2 &3 [Pick the date] 1a).What is Gross Domestic Product? GDP stands for Gross Domestic Product. GDP is the monetary value of all goods and services produced in a country within a given time period. Any goods or services produced outside the specified country is not included the country’s GDP. GDP is usually used as an indicator of an economy’s health and it also measure a country’s standard of living. GDP is often calculated quarterly and yearly and is used
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