You are using an outdated browser. Please upgrade your browser or activate Google Chrome Frame to improve your experience.
Economics Gr. 12 T1 W6: MACROECONOMICS: Public Sector
Economics Grade 12 Term 1 Wk.6: MACROECONOMICS: Public Sector
Do you have an educational app, video, ebook, course or eResource?
Contribute to the Western Cape Education Department's ePortal to make a difference.
Home Contact us Terms of Use Privacy Policy Western Cape Government © 2024. All rights reserved.
THE ROLE OF THE PUBLIC SECTOR GRADE 12 NOTES - ECONOMICS STUDY GUIDES
- Key concepts
- Composition and neccessity
- Problems of public sector provisioning
- Objectives of the public sector and its budgets
- Fiscal policy
- Public sector failure
The public sector, also known as the state or government, is responsible for providing certain goods and services to citizens. It also determines the policy regarding these goods and services at national, regional and local levels. The public sector is also involved in the delivery of social security, public facilities and policing. Overview
3. Public sector | Evaluate the role of the public sector in the economy with special reference to its socioeconomic responsibility in the South African context Infuse where appropriate: national macro-economic policy and service delivery with regard to socioeconomic rights, education, health, and the environment, and social security, convention of the rights of the child, taxation, and compensation for human rights abuses. |
|
3.1 Key concepts
These definitions will help you understand the meaning of key Economics concepts that are used in this study guide.
The budget | A document that details expected revenue and projected expenditure |
Bureaucrat | An official in a government department |
Central national government | Concerned with national issues, e.g. safety and security |
Collective goods | Goods provided for society as a whole. E.g. parks and public utilities. Provision of these goods gives rise to the free rider problem |
Community goods | E.g. police stations. Everyone can use these whether they are prepared to pay for them or not Demerit goods Harmful goods, e.g. cigarettes |
Deregulation | Removal of unnecessary restrictions by law |
Direct taxes | Taxes that are not shifted to the end user, e.g. PAYE |
Indirect taxes | Taxes levied on the sale of goods and services |
Local government | Deals with local issues within a town or municipal area |
Merit goods | Goods and services whose provision has benefits for the user (private) and for society, e.g. education |
Monetary Policy Committee (of the Reserve Bank) (MPC) | Decides on the country’s monetary policy |
Medium Term Budget Policy Statement (MTBPS) | Government’s statement setting out its three-year budget |
Medium Term Expenditure Framework (MTEF) | Estimates income and expenditure for a three-year period |
Nationalisation | Transfer of functions and ownership of entities from the private sector to the public sector |
Public goods and services | Provided by the state for use by all the members of a society, e.g. public libraries |
Regional government | Deals with economic and other issues specific to a region/province |
Regulation | Putting laws in place to regulate activities |
State Owned Enterprises (SOE) | A business owned wholly or partly by the state and run by a public authority, e.g Eskom and SAA |
Value Added Tax (VAT) | An indirect tax on goods and services consumed in the economy |
Make mobile notes to learn these terms and definitions. Instructions for how to make mobile notes are on page xiv.
3.2 Composition and neccessity
3.2.1 Composition
- National/central government Concerned with national issues e.g. health, defence, education safety and security. Also includes non-profit organisations, e.g. SABS and CSIR.
- Provincial/regional government Concerned with the administration of the nine provinces and economic issues specific to the region.
- Local government Concerned with local issues within a town for municipal area. E.g. electricity delivery, libraries, traffic control and refuse removal.
- Public corporations State-owned enterprises (SOEs) that provide public goods and services, such as Eskom, Transnet and SABS.
3.2.2 Necessity of the public sector
- Community goods Goods of which there is a complete supply or none, e.g. defence, police.
- Collective goods Differ from community goods as fees, charges or tolls can be levied to exclude free-riders, e.g. beaches, drainage, parks.
- Merit goods Goods provided by the state, because it is believed that they would be under-supplied if their provision was left entirely to market forces. E.g. education, health care, research.
- Government has to intervene to protect the environment if the environment is exposed to insensitive and even carless use it may be damaged.
- E.g. the oceans for fishing, the air we breathe; natural scenery.
- Ensures a social and legislative environment.
- Apply suitable and credible economic and development policies.
- Promote policies that ensure equal opportunity for all members of society.
- Limit anti-competitive behaviour.
A mnemonic can help you remember these problems:
Accountability Efficiency Assessing of needs Pricing policy Parastatals Privatisation | Always Eat Apples Pears Peaches Pineapples |
3.3 Problems of public sector provisioning
Learn these six problems of public sector provisioning: 3.3.1 Accountability
- Government is required to make and implement policies. Accountability is underpinned by ministerial responsibilities, parliamentary questioning, treasury control and the Auditor-general.
- Public servants are required to give an explanation of their decisions and actions.
- The public holds government accountable for the effective delivery of services and the implementation of policies.
3.3.2 Efficiency
- Efficient provisioning: Public servants provide the public with goods and services promptly and in the desired quantity and quality.
- Inefficient provisioning: Public servants fail to deliver services to the public because of bureaucracy, incompetence and corruption.
3.3.3 Assessing of needs
- Government provides goods and services according to the needs of people. Assessing these needs is difficult.
- Market forces determine the price of goods and services in the private sector.
- State enterprises are not subjected to the forces of demand and supply.
3.3.4 Pricing policy
- Free of charge: Certain services are provided free of charge from taxes, e.g. public health services. (Tax revenue is used to cover the costs.)
- Price value: It is difficult for government to establish the correct pricing.
- Paid services: People pay for some services, e.g. TV licences.
- Subsidised products: The public pay less for goods because government subsidises (pays towards) the cost, e.g. the price of bread is subsidised by government.
3.3.5 Parastatals
- State Owned Enterprises (SOEs) can be created as a result of nationalisation.
- Service provisioning: SOEs support service delivery, e.g. Eskom, SABC and Transnet. Can lead to monopolies, high prices and inefficiency.
- Infrastructure provisioning: SOEs provide essential infrastructure, especially when there are insufficient funds in the private sector, e.g. the road network.
- Limited liability: SOEs have limited liability in South Africa because they are financially supported by government.
3.3.6 Privatisation/Nationalisation
- Privatisation refers to the transfer of functions and ownership from the public to the private sector.
- The aim of privatisation is to reduce the relative size of the public sector.
- Privatisation stimulates growth and improves the overall efficiency and performance of the economy.
- Privatisation provides additional funds to the government.
- Privatisation attracts foreign investment.
- It is the process whereby the state takes control and ownership of privately-owned assets and private enterprises.
- Some argue that the state-owned enterprises e.g. ESKOM should be privatised.
3.4 Objectives of the public sector and its budgets
3.4.1 Objectives Economic growth
- Refers to an increase in the production of goods and services.
- Measured in terms of Real GDP.
- For economic growth to occur, the Economic growth rate must be higher than Population growth.
- Growth and development in a country benefits its citizens because it often leads to a higher standard of living.
Full employment
- It is when all the people who want to work, who are looking for work must be able to get work.
- A high level of employment is the most important economic objective of the government.
- The unemployment rate increased over the past few years.
- Informal sector activities must be promoted because it is an area where employment increases.
- GEAR as a strategy was implemented to create a positive climate that was conducive to employment creation by the private sector.
Exchange rate stability
- Effective Fiscal and Monetary policy can be used to keep the exchange rate relatively stable.
- Depreciation and appreciation of the currency creates uncertainties for producers and traders and should be limited.
- The SARB changed the Exchange rate from a Managed floating to a Free floating exchange rate.
Price stability
- Stable prices lead to better results in terms of job creation and economic growth.
- The SARB inflation target is 3% – 6% and have been successful in keeping inflation within this target.
- Interest Rates, based on the Repo Rate are the main instruments used to achieve price stability.
- A stable budget deficit also has a stabilizing effect on the inflation rate.
Economic equity
- Redistribution of income and wealth is essential.
- South Africa uses a progressive income tax system – taxation on profits, taxation on wealth, capital gains tax and taxation on spending, are used to finance free services.
- Free social services are basic education; primary health and to finance basic economic services. E.g. Cash Grant to the poor, e.g. child grants and cash grants to vulnerable people, e.g. disability grants.
- Progressive taxation means that the higher income earners pay higher/more tax.
3.4.2 Budgets Definition
- It is a document with expected income and projected expenditure.
- The budget is the most important item on the economic calendar.
- The main budget is read in Parliament during February by the
- Minister of Finance.
- It is authorised in Parliament and signed by the President, and it becomes law.
- The financial year of the government runs from 1 April to 31 March the following year.
- The main source of income for the State is Revenue Tax.
Different types of budgets
- Medium Term Expenditure Framework (MTEF)
- The Minister of Finance delivers it in the last week of October.
- The Medium Term Budget Policy Statement (MTBPS) – the Minister of Finance informs Parliament of any changes that have occurred since February.
- The Medium Term Expenditure framework (MTEF) requires that the state sets budgets over a three-year period, consisting of rolling expenditure and revenue projections.
- This is set against the backdrop of economic and fiscal goals and prospects for the economy.
The Main (national) Budget
- Is the statement of government’s planned expenditure and anticipated income for the fiscal year.
- Minister of Finance finalises the budget.
- Financial – Cabinet decides whether taxes have to be increased or decreased.
- Economic – Cabinet must know the needs or requirements in the economy.
- Political – Political parties use the budget to implement their policy.
The Provincial Budget
- They are the main beneficiaries from tax income collected by the government.
- Money paid to Provinces is based on equitable share and conditional grants.
- Each province set up its own budget and presents it to the provincial legislator.
- Financial year of provinces runs from 1 April – 31 March the following year.
- Education (51%) – based on size of the school age population and the number of learners enrolled for the last 3 years.
- Health (19%) – based on the portion of population who do not have access to basic medical services.
- Basic Share (15%) based on each province’s share of total population of the country.
- Institutional component (5%) – divided equally amongst provinces.
- Poverty component (3%) – based on the number of people who are poor in the province.
- Economic output component (1%) – determined by the Province’s contribution to GDP of the country.
- Provinces may levy taxes, duties, grants, fines and surcharges.
- Conditional grants: these are given to the provinces to promote national priority spending and to assist them in complying with national norms and standards.
3.5 Fiscal policy
Fiscal policy can be defined as the action taken by government in respect of taxation, government spending and borrowing in order to influence economic activity. 3.5.1 Features
- Central government determines economic and social goals during the budgetary process.
- The budget is used to realise these economic and social goals.
- Fiscal policy is the main demand-side policy.
- The government improves infrastructure to support fiscal policy.
- Business cycles have an effect on fiscal policy decisions.
- During an upswing profits increase, and as a result government income increases.
3.5.2 Composition
- Instruments of fiscal policy are taxation and government spending
- When Income and expenditure are equal = a balanced budget
- When Income is more than expenditure there will be a budget surplus
- When expenditure is more than income there will be a budget deficit
Expenditure Government spending is classified in 2 main ways:
- Functional classification: Social; Protection; Economic; Interest; General.
- Economic classification: Current payments; Transfers and subsidies; Payment for capital assets.
Government spends money to provide public and merit goods and services free of charge or at a subsidised price.
- To pay interest on government debt.
- To redistribute income.
- To influence aggregate demand and supply.
Taxation Government imposes tax for the following reasons:
- To raise income to cover expenditure
- To discourage the use of demerit goods
- To convert external cost into private cost
- To discourage imports
- To redistribute income
- To influence the level of aggregate demand and aggregate supply
Borrowing (State debt)
- The main budget must always balance. If there is a deficit, loans are made to balance it.
- If there is a surplus, the money is used to pay off state debt.
- Loans add to loan debt, also known as public debt.
3.5.3 Effects
- Progressive tax system: Fiscal policy aims to achieve a more even distribution of income.
- Regressive tax system: Fiscal policy causes an uneven distribution of income.
- Proportional tax system: Fiscal policy uses this when it does not wish to disturb the existing distribution of income.
- Direct and indirect taxes influence people’s disposable income and spending patterns.
- An increase in taxes will cause spending to decrease especially when savings are low.
- Direct tax reduces inflationary pressure.
- A rise in indirect taxes will raise the general price level.
- High and progressive income tax rates discourage people from entering the labour market, from accepting promotions, and from working longer hours.
- At point 0, average tax rate is 0 and tax revenue is 0.
- As the tax rate increases, the tax revenue will also increase up to a certain point. The curve will slope upward then peak at T.
- Maximum tax revenue is at point R (the peak) and the best tax rate is at point T.
- The state earns maximum revenue at point B.
- If the tax rate increases from T to T1 then the tax revenue will decrease from R to R1.
- People work less as a result of the higher tax rate.
- If taxation decreases to T2, the government may receive less revenue, but people may have more money to save and spend.
Discretion The Minister of Finance use his discretion on fiscal decisions e.g. how much to reduce income tax. Rules are:
- deficit rule: not to exceed 3% of GDP
- borrowing rule: only for capital expenditure
- debt rule: not to exceed 60% of nominal GDP.
3.6 Public sector failure
3.6.1 Characteristics/features Ineffectiveness
- Missing targets, example regarding inflation, growth and employment.
- Incompetence in using monetary and fiscal policy and harmonising them.
Inefficiencies
- Wasting resources, such as taxpayers’ money.
- These may occur in relation to protection and social, economic and administrative services for which money is voted in the budget.
3.6.2 Reasons Public sector failure occurs when the public sector fails to provide goods and services to the people. There are many reasons for public sector failure. Some of these are: Management failure Ignorance, e.g. lack of leadership, experience and training, might result in the improvement of the welfare of someone at the expense of someone else.
Apathy Government officials show little or no interest in delivering an efficient service to the public. There is no accountability. Corruption and poor service delivery are some of the symptoms of apathy.
Lack of motivation Workers rarely receive incentives for successful service delivery, but are only monitored on inputs and correctly following procedures and processes. This might lead to limited services, high cost and low quality.
Bureaucracy Bureaucrats tend to obey rules and regulations without judgement. They tend to be more interested in obeying the rules than the efficient delivery of goods and services to the people.
Structural weaknesses Objectives are not met. Some objectives may work against each other, e.g. government redistributes income and wealth too aggressively.
Special interest groups Attempts by interest groups such as farmers or organised labour to influence government to their own advantage.
3.6.3 Effects Allocation of resources When the government fails an optimal allocation of resources is not achieved and consequently resources are wasted.
Economic instability Government failure can lead to macroeconomic instability. Government is unable to use fiscal policy effectively.
Distribution of income If government fails to use the tax system effectively then there will be an unfair distribution of income in the economy.
Social instability When the public sector fails to deliver the required social services to the poor, the economy can be destabilised.
Activity 1 Figure 3.2 below is a news article on the National Budget 2012. Study the information and answer the questions that follow.
Poverty alleviation is at the heart of government’s agenda. The social assistance programme is South Africa’s most direct means of combating poverty. In 2012/13, R104.9 billion is allocated to social assistance, rising to R122.0 billion in 2014/15. The number of grant recipients will rise from about 15.6 million in 2011/12 to 16.1 million in 2012/13 and is set to rise to 16.8 million in 2014/15. The Isibindi project will benefit 858 000 children and adolescents, with a focus on rural communities, orphans and child-headed households. About 10 000 youth workers will be employed in this programme. The Department of Social Development receives an additional R1.4 billion over the next three years, mainly to increase access to early child development from 50 000 to 580 000 and to roll out an in-house and community-based childcare and protection programme (Isibindi). |
Figure 3.2: A news article on the National Budget 2012
- To which economic concept does “Improving the quality of life…” refer to? (2)
- From the extract, name TWO macroeconomic aims (objectives) reflected in the 2011/12 Budget. (2 × 2) (4)
- Which THREE departments received the largest allocation according to the graph? (3 × 2) (6)
- Give TWO reasons why government spent more on education in 2012 than last year. (4)
- Name TWO priorities that are included in the money allocated for social protection. (2 × 2) (4) [20]
|
Activity 2 Classify each of the following activities according to CENTRAL/NATIONAL; PROVINCIAL; LOCAL GOVERNMENT and PUBLIC CORPORATIONS.
- Traffic control (1)
- Inflation target (1)
- RDP housing (1)
- Education (1) [7]
Related items
- Mathematics Grade 12 Investigation 2023 Term 1
- TECHNICAL SCIENCES PAPER 2 GRADE 12 QUESTIONS - NSC PAST PAPERS AND MEMOS JUNE 2022
- TECHNICAL SCIENCES PAPER 1 GRADE 12 QUESTIONS - NSC PAST PAPERS AND MEMOS JUNE 2022
- MATHEMATICS LITERACY PAPER 2 GRADE 12 MEMORANDUM - NSC PAST PAPERS AND MEMOS JUNE 2022
- MATHEMATICS LITERACY PAPER 2 GRADE 12 QUESTIONS - NSC PAST PAPERS AND MEMOS JUNE 2022
Download Grade 12 Economics Question Papers and Memos 2020 – 2019
Grade 12 Economics Question Papers and Memos from Dramatic Arts Grade 12 Past Papers and Memos: 2020, 2019, 2018, 2017, 2016 : Pdf Download February/ March, May/June, September, and November. The Papers are for all Provinces: Limpopo , Gauteng , Western Cape , Kwazulu Natal (KZN), North West , Mpumalanga , Free State , and Western Cape.
The following topics make up each of the TWO exam papers that you write for the Economics examination:
- Macro-economics: Circular flow, Business cycles, Public sector, Foreign exchange markets, Protectionism and Free Trade
- Micro-economics: Perfect markets, Imperfect markets, Market failure
- Economic pursuits: Growth and Development, Industrial development policies, Economic and social performance indicators
- Economics issues: Inflation, Tourism, Environmental sustainability
Download Grade 12 Economics Question Papers and Memos
List of economics grade 12 2020 past exam papers and memos september, 2020 november papers.
- ECONOMICS-SEPT-2020-P2-and-MemoDownload
- Economics-Gr-12-Sept-2020-P1
2019 November Papers
NB: 2019 Economics Exam Papers and Memos are found here
May/June 2018
Grade12-economics Download
2018 Economics P1 Memorandum Download
career-times-economics Download
2018 Economics P2 Download
2018 Economics P2 Memorandum Download
Grade 12 Economics Question Papers and Memos
What Courses to Apply for with Matric Accounting subject choice? Find out.
Grade 12 Past Exam Papers and Memos per subjects
Accounting Grade 12
Afrikaans Home Language Grade 12
Afrikaans First Additional Language Grade 12
Afrikaans Second Additional Language Grade 12
Agricultural Management Practices Grade 12
Agricultural Sciences Grade 12
Agricultural Technology Grade 12
Business Studies Grade 12
Civil Technology Grade 12
Computer Applications Technology Grade 12
Consumer Studies Grade 12
Dance Studies Grade 12
Design Grade 12
Dramatic Arts Grade 12
Economics Grade 12
Electrical Technology Grade 12
Engineering Graphics and Design Grade 12
English Home Language Grade 12
English First Additional Language Grade 12
English Second Additional Language Grade 12
History Grade 12
Hospitality Studies Grade 12
Information Technology Grade 12
IsiNdebele Home Language Grade 12
IsiNdebele First Additional Language Grade 12
IsiNdebele Second Additional Language Grade 12
IsiXhosa Home Language Grade 12
IsiXhosa First Additional Language Grade 12
IsiXhosa Second Additional Language Grade 12
IsiZulu Home Language Grade 12
IsiZulu First Additional Language Grade 12
Life Orientation/Life Sciences
Mathematical Literacy
Mathematics
Mechanical Technology Grade 12
Music Grade 12
Physical Sciences Grade 12
Religion Studies Grade 12
Sepedi Home Language Grade 12
Sepedi First Additional Language Grade 12
Sepedi Second Additional Language Grade 12
Sesotho Home Language Grade 12
Sesotho First Additional Language Grade 12
Sesotho Second Additional Language Grade 12
Setswana Home Language Grade 12
Setswana First Additional Language Grade 12
Setswana Second Additional Language Grade 12
Siswati Home Language Grade 12
Siswati First Additional Language Grade 12
Siswati Second Additional Language Grade 12
Tourism Grade 12
Tshivenda Home Language Grade 12
Tshivenda First Additional Language Grade 12
Tshivenda Second Additional Language Grade 12
Visual Arts Grade 12
Xitsonga Home Language Grade 12
Xitsonga First Additional Language Grade 12
Xitsonga Second Additional Language Grade 12
Requirements to pass Grade 12 | Matric
Hey, Grade 12 Learner! Do you know what it takes to obtain your Grade 12 Certificate? All matric students in South Africa are required to register to write at least 7 subjects and they may not fail more than one subject. Failing more than one subject means you have failed matric. Thus, in order to pass you need to meet the following requirements:
- Obtain at least 40% for your Home Language
- Pass two other subjects with 40%, an
- Get 30% for three other subjects
Career Times is here for you: We have compiled all useful career resources for you to take your career to the higher levels, such as: Schools Directory , Career Options , Jobs , as well as study resources for other Grades ( Grade 11 , Grade 10 , and Grade 12 ) All the best!
Related posts:
1 thought on “download grade 12 economics question papers and memos 2020 – 2019”.
- Pingback: Sepedi First Additional Language Grade 12 Past Papers and Memos - Career Times
Comments are closed.
IMAGES
COMMENTS
Grade 12 Economic Essays for the Next Three-Year Cycle (2021-2023) Macroeconomics - Paper 1. Discuss in detail the markets within the FOUR-SECTOR model (Circular Flow) Discuss in detail 'The new economic paradigm'/Explain the 'smoothing of cycles (Business Cycles)
Economics Grade 12 Term 1 Wk.6: MACROECONOMICS: Public Sector
The public sector, also known as the state or government, is responsible for providing certain goods and services to citizens. It also determines the policy regarding these goods and services at national, regional and local levels. The public sector is also involved in the delivery of social security, public facilities and policing. Overview.
Essay 5: Discuss in detail Reasons for Public Sector Failure. [6 marks]Economics Grade 12 CAPS Syllabus for South African Students which covers the following...
Possible essay economics 12 topic3 notes nkangala economics notes topic public sector grade 12 year 2021 economics 12 topic3 notes nkangala topic public sector
This video illustrates how to write an essay (objectives of the public sector) in preparation for examinations.
Public sector failure essay with links to provisioning chapter reasons for public sector failure introduction public sector failure occurs when the economy and
This document contains Economics grade 12 notes economics grade 12 the role of the public sector the public sector, also known as the state or government, is
The following topics make up each of the TWO exam papers that you write for the Economics examination: Macro-economics: Circular flow, Business cycles, Public sector, Foreign exchange markets, Protectionism and Free Trade Micro-economics: Perfect markets, Imperfect markets, Market failure Economic pursuits: Growth and Development, Industrial development policies, Economic and social ...
The public sector consists of all those entities owned and/or controlled by government and those entities that are funded and regulated by government. Composition: o Central government: Includes government department, such as Health, Education and Environmental Affairs and Tourism. It also includes non-profit organisations such as CSIR and SABS ...
Public economics is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool ...
Paper 1: Macro-economics and economic pursuits Circular flow Business cycles Public sector Foreign exchange markets Protectionism and free trade Economic and social performance indicators
Give a broad outline of the effects of public sector failure Infuse where appropriate: national macro-economic policy and service delivery with regard to socio-economic rights, education, health, and the environment, and social security, convention of the rights of the child, taxation, and compensation for human rights abuses.
1.2.1 I - when the national accountants add together the spending of the four major sectors of the economy√. 1.2.2 E - are used to analyze the changes in a series of data over a certain period of time√. 1.2.3 G - attempts made certain people to influence government to their own advantage√.
The Curriculum and Assessment Policy Statement (CAPS) for Economics outlines the nature and purpose of the subject Economics. This guides the philosophy underlying the teaching and assessment of the subject in Grade 12.
none grade 12 essays circular flow essay from this topic) discuss in detail the markets within the model (circular flow) (26) elaborate the impact of leakages
TOPIC 1: NECESSITY OF PUBLIC SECTOR AND PROBLEMS OF PUBLIC SECTOR PROVISIONS Teacher Note: The government intervenes in a mixed economic system (in grade 11 we did South Africa as a mixed economic system) when there is market failure (market failure will be done in detail in Module 2).
Economics Grade 12 . Contents ... (public sector) and the foreign sector. 1.1.1 Households In economics a household is any number of people that live together and make joint economic decisions. A household can consist of one person or a number of people. They sell their factors of
C fixed (2) (c) Gauteng Department of Education, 2013 GAUTENG DEPARTMENT OF EDUCATION SENIOR SECONDARY INTERVENTION PROGRAMME ECONOMICS GRADE 12 SESSION 8 (LEARNER NOTES) 4 Page 4 of 46 1.8 Large public corporations or business entities in the public sector are known as … A parastatals.
Related documents Grade 12 Preparatory EXAM Paper 1 Essays notes 2023G11 Economics P2 Nov 2017 Memo Eng Economy - want to learn more NW-NSC-GR-10-ECN-P2-ENG- Marking- Guidelines-NOV-2019 Economice Essay Question
The document contains an economic essay outline for 2021-2023. It discusses four key markets within the four-sector economic model: the product/goods market, factor/resource market, financial market, and foreign exchange market. It also covers smoothing business cycles through the new economic paradigm of focusing on long-term demand and supply rather than trying to fine tune the economy in ...
Public sector employment increased during and after the global recession, reducing the total effect on employment The government supports education, labour-intensive businesses and the informal sector
Public Sector Possible Essays Discuss in detail how each of the following factors contributes to poor public sector provisioning: Accountability - Efficiency - Assessing needs - Pricing policy - Parastatals - Privatisation / Nationalisation Discuss in detail the main objectives of the public sector in the economy Economic growth - Full employment - Exchange rate stability - Price stability ...