Economics (Economic growth & development)

Implies an increase in the capacity of the economy to produce more goods and services.

• Economic development

• Economic activity

• Economic prosperity

• Economic growth

Development means increasing standards and quality of life

• True

• False

It shows trends of how a nation’s growth rates change over time.

• Population

• Demographic cycle

• Economic growth

• Business cycle

It is the movement of people from rural areas to urban areas with the aim of finding jobs.

• Migration

• Urbanization

• Immigration

• Immigrants

A stokvel is:

• a group of old people contributing monies to gamble

• a group savings scheme where members contribute a fixed amount of money every month to a common pool

• a group of companies that want to reach their sales target by fixing prices on their products

• a group of young people that contribute a certain percentage of their incomes in order to take vacations on planned trips

Final output products value that is produced by citizens in a country, regardless of where they are located is known as

• GNP

• GDP

• GNI

• GNE

Self-sufficiency and dependency on agriculture includes the following

• The earliest humans were nomadic hunters

• Agricultural development started slowly

• Later on they tamed animals to assist them to farm

• They did not gather their food from wild plants and animals

Barter, trade and emergency of money

• This was a first form of trade

• There was no formal means of payment and people started to barter with each other

• The first means of payment developed was bronze

• Because of the problems with bartering a primitive form of payment was developed

Wealth, power and accumulation

• Power was vested in the kings, churches and landlords

• Owning land was not the main form of wealth

• Peasants were allowed to live on the landlords land but had to pay their landlord with their surplus production

• People settled down permanently on farms and it led to the growing of surpluses

Surplus production, trade and transport development

• Trade developed between communities and even between countries

• These surpluses never led to trade

• Roads, animals, cart and horses were first used as a means of transport

• Land and water transport were developed and it promoted trade