The circular flow as a model of the economy – Econ Prof Waldo

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Return to course: Grade 10 Economics Econ Prof Waldo

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Grade 10 Economics

Resources

Welcome
Introduction
The definition of Economics
Economics as a science
Branches of Economics
The other sciences and Economics
A career in Economics
GOAT: Who is The Greatest economist of All Time

Scarcity
Choice
Opportunity cost: Gangnam style
Production
SA data on production
Exchange (Trade)
Markets in everything
Consumption
SA data on consumption

Welcome
Introduction
The participants
The markets
The flows
Leakages and injections
The relationship between injections and leakages
The circular flow as a model of the economy
The MONIAC
National accounting
GDP and GNI
How it all adds up
Three methods for calculating GDP
The importance of GDP and GNI
Some data

The cyclical course of economic activities
Characteristics of the business cycle
Reasons for the business cycle
Measuring the business cycle
The time series, trends and turning points
Consequences of the business cycle

The circular flow as a model of the economy