Ecs 1601 Assignment
m
er as
1 second semester 2
co
eH w
o.
rs e
-2020
ou urc
o
aC s
DUE 21 AUGUST 2020
v i y re
ed d
ar stu
sh is
Th
| (GREAT MINDS TUTORIALS :RANDBURG)
FOR ANY COMMENTS AND QUESTIONS CONCERNING THIS ASSIGNMENT AND SUBJECT MATTER.
This study source was downloaded by 100000828791684 from CourseHero.com on 09-01-2021 05:17:06 GMT -05:00
https://www.coursehero.com/file/93509845/Ecs1601-assignment-1-second-semester-2020docx/
, Unique number : 862838
Closing Date : 21 August 2020
1.1 The three major flows in any economy are …
[1] income, spending and saving.
[2] income, government spending and consumption.
[3] spending, production and investment.
[4] production, income and spending.
These are the flows that are discussed in the circular flow model.
1.2 The two major markets in the circular flow of income and expenditure are the …
[1] foreign exchange market and factor market.
m
[2] goods market and factor market.
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[3] goods market and services market.
co
eH w
[4] factor market and production market.
o.
rs e
These are the two markets the goods market is where households purchase goods and services,
whilst the Factor market is owned by households who sell factors of productions to firms.
ou urc
1.3 Which one of the following statements on the remuneration of the factors of production is true?
o
[1] The remuneration for capital is profit, as the business aims to earn a profit on its
aC s
financial investments.
v i y re
[2] The remuneration for labour is rent, as workers are able to pay their rent with the
money they earn.
ed d
[3] The remuneration for entrepreneurship is a salary, as entrepreneurs are also
ar stu
rewarded for their efforts.
[4] The remuneration for natural resources is rent, as natural resources consist of all gifts of
sh is
nature.
Th
The following are different Factors of production and their rewards
Natural resources (Land) rent
Capital Interest
Labour Wages /Salary
Entrepreneurship Profit
1.4 In the circular flow of income and spending in South Africa, _____________ firms in the factor
market becomes __________ households, while ____________ households in the goods market
becomes ______________ firms. Expenditure by foreigners on South African products constitutes
_______________ the circular flow.
This study source was downloaded by 100000828791684 from CourseHero.com on 09-01-2021 05:17:06 GMT -05:00
https://www.coursehero.com/file/93509845/Ecs1601-assignment-1-second-semester-2020docx/
m
er as
1 second semester 2
co
eH w
o.
rs e
-2020
ou urc
o
aC s
DUE 21 AUGUST 2020
v i y re
ed d
ar stu
sh is
Th
| (GREAT MINDS TUTORIALS :RANDBURG)
FOR ANY COMMENTS AND QUESTIONS CONCERNING THIS ASSIGNMENT AND SUBJECT MATTER.
This study source was downloaded by 100000828791684 from CourseHero.com on 09-01-2021 05:17:06 GMT -05:00
https://www.coursehero.com/file/93509845/Ecs1601-assignment-1-second-semester-2020docx/
, Unique number : 862838
Closing Date : 21 August 2020
1.1 The three major flows in any economy are …
[1] income, spending and saving.
[2] income, government spending and consumption.
[3] spending, production and investment.
[4] production, income and spending.
These are the flows that are discussed in the circular flow model.
1.2 The two major markets in the circular flow of income and expenditure are the …
[1] foreign exchange market and factor market.
m
[2] goods market and factor market.
er as
[3] goods market and services market.
co
eH w
[4] factor market and production market.
o.
rs e
These are the two markets the goods market is where households purchase goods and services,
whilst the Factor market is owned by households who sell factors of productions to firms.
ou urc
1.3 Which one of the following statements on the remuneration of the factors of production is true?
o
[1] The remuneration for capital is profit, as the business aims to earn a profit on its
aC s
financial investments.
v i y re
[2] The remuneration for labour is rent, as workers are able to pay their rent with the
money they earn.
ed d
[3] The remuneration for entrepreneurship is a salary, as entrepreneurs are also
ar stu
rewarded for their efforts.
[4] The remuneration for natural resources is rent, as natural resources consist of all gifts of
sh is
nature.
Th
The following are different Factors of production and their rewards
Natural resources (Land) rent
Capital Interest
Labour Wages /Salary
Entrepreneurship Profit
1.4 In the circular flow of income and spending in South Africa, _____________ firms in the factor
market becomes __________ households, while ____________ households in the goods market
becomes ______________ firms. Expenditure by foreigners on South African products constitutes
_______________ the circular flow.
This study source was downloaded by 100000828791684 from CourseHero.com on 09-01-2021 05:17:06 GMT -05:00
https://www.coursehero.com/file/93509845/Ecs1601-assignment-1-second-semester-2020docx/
