Grade 10 Economics Study Guide

This set of flashcards is created to help students review and understand key concepts in Grade 10 Economics.

What is the primary focus of Economics as a study?

Economics is the study of how individuals, businesses, and governments make choices on how to allocate scarce resources to satisfy unlimited wants.

What are the three main economic questions?

What should be produced? How should it be produced? For whom will it be produced?

What is the definition of scarcity in Economics?

Scarcity refers to the limited availability of resources compared to unlimited human wants.

What does microeconomics study?

Microeconomics focuses on individual decisions made by consumers and firms.

What does macroeconomics study?

Macroeconomics examines the economy as a whole, dealing with issues such as unemployment, inflation, and economic growth.

What is GDP and what does it measure?

Gross Domestic Product (GDP) is the market value of all final goods and services produced within a country in a given period.

What is the difference between GDP and GNI?

GDP measures all production within a country, while Gross National Income (GNI) measures all production by the nationals of a country, regardless of where it occurs.

What are positive and normative economics?

Positive economics focuses on objective analysis and fact-testing, while normative economics involves subjective judgments about what ought to be.

What is the circular flow model in economics?

The circular flow model illustrates the movement of money, goods, and services between households, businesses, and the government in an economy.

What is the significance of the Labour Relations Act in South Africa?

The Labour Relations Act aims to promote fair labor practices, protect workers' rights, and facilitate collective bargaining.