• Know the difference between Positive Economics and Negative economics
• Microeconomic objectives (He'll give a statement, and we must write which objective it's referring to)
• Basic economic concepts
• The words in bold in chapters 2 and 3. You'll have to link them to their descriptions (for example, Durable goods, foreign direct investment) - macroeconomic objectives.
• Difference between macro and micro in economics
• Market failure and the role of the South African government
• Types of tax systems
• Calculate and explain real value, CPI, inflation, unemployment rate, participation rate, GDP, GDP expenditure approach, income, production (just know all 3 techniques) in the context of South Africa