economics

• The circular flow model, national account aggregates, and the multiplier are key concepts in Economics
• The open economy circular flow model is an important aspect of Economics
• National account aggregates play a significant role in Economics
• The multiplier is a crucial concept in Economics
• Business cycles and forecasting are essential topics in Economics
• Government policy is a key aspect of business cycles and forecasting
• The new economic paradigm is an important concept in Economics
• Features underpinning forecasting with regard to business cycles are crucial to understand
• The role of the public sector is a fundamental aspect of Economics
• Fiscal policy is a significant component of the public sector's role
• Public sector failure is an important concept to grasp in Economics
• The foreign exchange market and the balance of payments accounts are key topics in Economics
• The reasons for international trade are crucial to understand in Economics
• The balance of payments accounts play a significant role in Economics
• Foreign exchange markets are essential to the study of Economics
• Protectionism and free trade are important concepts in Economics
• Export promotion and import substitution are key aspects of protectionism and free trade
• The dynamics of perfect markets are crucial to understand in Economics
• Market structures and output, profit, losses, and supply are essential topics in Economics
• The Economics Grade 12 exam consists of TWO 1½ hour papers of 150 marks each, with six questions divided into three sections
• Question ONE is compulsory, and students must answer THREE out of the other five questions
• The Economics exam covers topics like circular flow, business cycles, public sector, foreign exchange markets, protectionism, free trade, perfect markets, imperfect markets, market failures, growth and development, industrial development policies, economic and social performance indicators, inflation, tourism, and environmental sustainability
• Grade 12 Economics exam includes multiple-choice items, matching columns, and identifying concepts in Section A
• Section B requires answering two questions, including short items, data response, and short questions of different orders
• Section C involves answering one essay question per main topic, with a specific structure for the essay
• Essays play a significant role in Economics exams, counting 40 marks out of the total of 150 marks
• Study tips for Economics exams:

  • Have all materials ready before studying
  • Take short, effective study sessions and reward yourself with breaks
  • Teach concepts to others, use colors and pictures, and focus on repetition for retention
• Study techniques in the guide include mobile notes, mnemonics, and mind maps to aid learning
• Attachment is a strong reciprocal emotional bond between an infant and a primary caregiver

  
• Schaffer and Emerson's 1964 study on attachment:

  • Aim: identify stages of attachment / find a pattern in the development of an attachment between infants and parents
  • Participants: 60 babies from Glasgow
  • Procedure: analysed interactions between infants and carers
  • Findings: babies of parents/carers with 'sensitive responsiveness' were more likely to have formed an attachment
• Freud's superego is the moral component of the psyche, representing internalized societal values and standards
• A mind map is a diagram used to represent ideas and concepts, helping to organize and structure thoughts, often used for brainstorming, project planning, problem-solving, note-taking, reviewing information, and studying for exams

  
• Tips for exam day:

  • Arrive at least one hour early
  • Use the 10-minute reading time to understand instructions
  • Break down questions to ensure understanding
  • Try all questions for easy marks
  • Manage time effectively, don't panic, and write clearly for more marks
• Question words guide:

  • Account for, Analyse, Argue, Assess, Calculate, Classify, Comment, Compare, Contrast, Critically, Define, Demonstrate, Describe, Discuss, Evaluate, Examine, Explain, Give, Identify, Illustrate, Interpret, List, State, Suggest, Summarise
• The circular flow model in Economics:

  • Represents the continuous flow of spending, production, and income between different sectors
  • Includes concepts like the complete four sector diagram, participants (households, business sector, government, foreign sector), real and money flows, injections, leakages, and equations like Y = C + I + G + (X – M)
• National account aggregates and conversions:

  • Measure the performance of a country, with the most important aggregate being Gross Domestic Product (GDP)
  • Include Production GDP(P) – GDP, Income GDP(I) – GDI, Expenditure GDP(E) – GDE, and conversions like nominal and real prices, basic prices, factor cost, market prices, and more
• The multiplier effect in Economics:

  • Defined as a small initial increase in spending producing a proportionately larger increase in aggregate national income
  • Linked to the circular flow model and explained through a graph and formula like ∆Y/∆E
• Key Economics concepts:

  • Base year, basic prices, circular flow model, consumption, domestic figures (GDP), economic equilibrium, expenditure method, exports, factor market, financial market, foreign exchange market, and more
• Participants in the circular flow model:

  • Household sector: major consumers of economic goods and services, owners of factors of production, sell factors to firms, receive remuneration in form of wages, rent, interest, and profit
• The relationship between markets within the four sector model:

  • Link the operation of financial and foreign exchange markets to other participants of the circular flow
  • Justify the equality: L = J and illustrate its component elements