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economics grade 11 > Give a one word term for the description > Flashcards

Give a one word term for the description Flashcards

1
Q

This occurs when the public sector policies do not accomplish their
intended purpose.

A

Ineffectiveness

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2
Q

Characteristics of the population such as size, race, age, sex, income,
language, occupation and so forth.

A

Demographics

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3
Q

When people can trade with people in other countries, free of any
restraints that governments or other regulators impose.

A

Free-trade

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4
Q

The difference between merchandise imports and exports.

A

Trade balance

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5
Q

The economic policy implemented by the democratic government of
South Africa to reform the social and economic environment inherited from the previous government.

A

Reconstruction and Development Programme (RDP)

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6
Q

Government initiatives that aim to improve how the government functions in targeted spatial locations that have the greatest potential for economic growth.

A

Spatial Development Initiative (SDI)

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7
Q

The channel trough which household savings are channelled.

A

Financial market

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8
Q

A situation where individuals still benefit from a good or service even if they do not pay for it.

A

Free riding

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9
Q

Policy focusing on diversification and expansion of manufacturing to make economies less dependent on foreign countries.

A

Import substitution

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10
Q

Increased economic integration leading to cultural and economic
harmony.

A

Globalisation

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11
Q

A track of land that forms a passageway allowing access from one area to another.

A

Corridor

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12
Q

The distance in output between the peak and trough of a business
cycle.

A

Amplitude

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13
Q

Restrictions of government on the purchase or sale of foreign currencies by private residents.

A

Exchange controls

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14
Q

A ban on exports and imports

A

Embargo

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15
Q

This approach refers to increasing the production capacity to contribute to economic growth.

A

Supply side approach

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16
Q

The Keynesians hold the view that markets are inherently unstable and use this explanation for business cycle fluctuations.

A

Endogenous

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17
Q

The proportion of disposable income which a household wishes to spend.

A

Autonomous consumption

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18
Q

Infrastructure and investments that improve the overall welfare of society.

A

Social capital

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19
Q

The sum of the incomes of all resident institutional units or sectors.

A

National income

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20
Q

A curve which shows the relationship between tax rates and tax revenue.

A

Laffer curve

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21
Q

The institution responsible for adjusting interest rates in South Africa.

A

SARB

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22
Q

The removal of unnecessary regulations and laws that advances operation of free markets.

A

Deregulation

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23
Q

Limits put on the supply of goods and services.

A

Qoutas

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24
Q

A composite statistic of life expectancy, education and income indexes that is used to rank countries’ human development.

A

Human Development Index.

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25
Q

Method of production by adding the final value of all goods and services.

A

Production method

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26
Q

Point on the business cycle where the economic performance is at its
lowest.

A

Trough

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27
Q

The transfer of functions and ownership from the private to the public sector

A

Nationalisation

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28
Q

The process by which the standard of living improves.

A

Economic development

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29
Q

Discretionary changes in monetary and fiscal policy to try to change the
level of aggregate demand.

A

Demand side policies

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30
Q

The index that measures prices of locally produced goods when they
leave the factory.

A

Producer Price Index

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31
Q

A small initial change in spending leads to a greater than proportional increase
in the national income.

A

Multiplier

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32
Q

Everyone can use these goods whether they are prepared to pay for them or not.

A

Community goods

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33
Q

A cash incentive granted for skills development

A

Skills Support Programme

34
Q

An indication of the general direction of the economy

A

Trendline

35
Q

The action by the South African Reserve Bank to occasionally change the balance that banks are required to maintain.

A

Cash reserve requirement

36
Q

A deliberate downward adjustment to the value of a country’s currency, relative to another currency

A

Devaluation

37
Q

A government policy that uses government expenditure and taxes to influence economic activity

A

Fiscal policy

38
Q

The total market value of all final goods and services produced by permanent citizens of a country within a specific period

A

Gross National Product

39
Q

When resources are allocated in such a way that no one can be made better off without making someone else worse off

A

Pareto efficiency

40
Q

Compares a country’s export prices with its import prices by means of indexes

A

Terms of trade

41
Q

Selling goods in a foreign market at prices that are below the cost of production in the country of origin

A

Dumping

42
Q

The number of employed persons expressed as a percentage of the economically active population

A

Employment rate

43
Q

A representation of the economy showing how the economic participants interact with one another

A

Circular flow

44
Q

Goods provided by the state which would be undersupplied if entirely left to market forces

A

Merit goods

45
Q

An increase in a country’s real gross domestic product

A

Economic growth

46
Q

Labour force between the ages of 15 and 65 who are willing and able to supply labour for the production of goods and services

A

Economically active population

47
Q

The actual price paid by consumers for goods and services including taxes less subsidies

A

Market price

48
Q

Government’s aim is to increase economic growth without increasing inflation

A

The new economic paradigm

49
Q

The government department that oversees the collection, management and expenditure of public revenue

A

Department of finance

50
Q

Countries that are transitioning from the “developing” phase to the “developed” phase

A

Emerging markets/economies

51
Q

Support regional and national economic development and address service delivery in the poorest and least competent provinces

A

Strategic integrated projects

52
Q

The labour force divided by the total working-age population

A

Labour force participation rate

53
Q

Economic indicators that move at the same time as aggregate economic activities

A

Coincident Indicators

54
Q

An indication of the general direction of the economy

A

Trend

55
Q

The loss of an alternative in order to pursue a certain action

A

Opportunity cost

56
Q

A nationwide government intervention to create employment using labour-intensive methods, and to give people the skills they can use to find jobs.

A

Expanded Public Works Programme

57
Q

An institution established to facilitate international trade and ensure a strong system of trade and payments that is open to all countries

A

International Monetary Fund

58
Q

Percentage of the working-age population who rely on those that are working.

A

Dependency rate

59
Q

Value of all final goods and services produced by permanent citizens of the country over a specified period.

A

Gross national products

60
Q

The action by the South African Reserve Bank to occasionally change the balance that banks are required to maintain.

A

Cash reserve requirements

61
Q

When a country can produce specific goods and services at lower average cost than other countries.

A

Comparative advantage

62
Q

The tax charged on an individual’s personal assets such as properties and shares.

A

wealth tax

63
Q

The policy implemented by the South Africa Reserve Bank to influence the economy.

A

Monetary policy

64
Q

The decrease in the value of a currency due to market forces.

A

Depreciation

65
Q

The use of different policies that are aimed at encouraging industrial investment and efficiency.

A

Industrial development

66
Q

An economy that includes the foreign sector

A

Open economy

67
Q

Measures the vertical difference between a trough and the trend line and between the peak and the trend line

A

Amplitude

68
Q

Seeks to provide the disadvantaged and the poor with access to land for residential and productive purposes

A

Land redistribution

69
Q

The state promotes domestic production of surpluses to increase exports and by mentoring changes in exchange rates.

A

Balance of payments equilibrium

70
Q

The flow of goods, services and factors of production between households and businesses

A

Real flow

71
Q

Business cycles that are caused by changes in construction activities, lasting for 15 to 20 years

A

Kuznets

72
Q

Infrastructure and investment that improve the overall welfare of society

A

Social infrastructure

73
Q

Measures the number of children that die before the age of one year

A

Infant mortality

74
Q

A summary of the value of different leading indicators into a single value

A

Composite indicator

75
Q

An economy that excludes the foreign sector

A

Closed

76
Q

A transfer of functions and ownership from the public sector to the private sector

A

Privatisation

77
Q

An increase in the price of a currency in terms of another currency due to market forces

A

Appreciation

78
Q

When a country involved in international trade, produces more output than other countries given the same input

A

Absolute advantage

79
Q

A document that details expected revenue and projected expenditure for the next fiscal year

A

National budget

80
Q

Tax systems where low-income earners pay higher tax rates while high-income earners pay lower tax rates

A

Regressive

81
Q

The provision of incentives to encourage local businesses to produce goods to sell to other countries

A

Export promotion

82
Q

The industrial development strategy that focuses on improving the competitiveness in manufacturing by considering input prices and technology.

A

Integrated Manufacturing Strategy

economics grade 11 (1 decks)

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