Question

Provide the economic term/concept for each of the following descripcions inte

Answer 1

Answer:

Provide the economic term/concept for each of the following descripcions inte

only the term/concept next to the question number. No abbre hations will be accept

1.3.1 Compensation of employees, plus net operating surplus, plus consumption on feed

capital

1.32 This method is the value of final output produced by the three sectors of the economy

1.3.3 The method used to determine national income by totalling expenditure on final goods

and services.

1.3.4 The total income of the nation divided by the average income of the population

1.3.5 Wages, rent, interest and profit are exchanged for in the circular flow

1.3.6 A document showing anticipated revenue and estimated expenditure

1.3.7 This is paid to producers to reduce the costs of production and encourage the

production of goods and services.

1.3.8 They take the initiative to establish enterprises.

1.3.9 Relationship between the quantity of output and quantity of input

1.3.10 Rewards of the owners of capital

1.3.11 Free gifts of nature

1.3.12 A study that deals with the behaviour of individual consumers households or firms

1.3.13 When something is short in supply or not readily available

1.3.14 Deals with the behaviour and decision of the whole economy

13.15 Occurs when the capital stock grows at the same rate as the labour force

1.3.16 The amount that the worker receives each day, each week or at the end of a mant