ecs1601-summary
Flows Production, income and spending are all flows. They are measured over a period of time. This period must be specified. These are moving pictures of the economy. Stocks These are measured at a particular point in time. These are still pictures of the economy. Stocks can only change as a result of flows. Capital stock can only increase if investment is made. Apart from production, income, and spending, the other important economic activity that links the various sectors in the economy is exchange. In a mixed economy, exchange usually occurs in markets. Goods, services and factors of production are all exchanged in market
Geschreven voor
- Instelling
- University of South Africa
- Vak
- ECS 1601
Documentinformatie
- Geüpload op
- 8 november 2021
- Aantal pagina's
- 49
- Geschreven in
- 2021/2022
- Type
- SAMENVATTING
Onderwerpen
-
ecs1601 summary