CHAPTER 3 – INTERDEPENDENCE BETWEEN MAJOR SECTORS, MARKETS AND FLOWS IN THE MIXED ECONOMY

University of South Africa

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ECS1601_studynotes_units_1_to_11
Exam (elaborations) • 111 pages • 2021

CHAPTER 3 – INTERDEPENDENCE BETWEEN MAJOR SECTORS, MARKETS AND FLOWS IN THE MIXED ECONOMY STUDY UNIT 1 Production, Income and Spending *Identify the three major flows in the economy Production – occurs and generates income Income - earned Spending – Buy available goods and services *Distinguish between a flow and a stock (Box 3-1 Stocks and Flows) STOCKS FLOWS  Measured at a particular point in time  NO time dimension  Has a Time dimension – only measured over a pe...