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Questions and Answers
In traditional societies, electronic banking played a significant role in economic transactions.
In traditional societies, electronic banking played a significant role in economic transactions.
False (B)
The concepts of 'needs' and 'wants' are identical, referring to the same basic human requirements.
The concepts of 'needs' and 'wants' are identical, referring to the same basic human requirements.
False (B)
Primary needs are those which enhance a person's quality of life, while secondary needs are essential for survival.
Primary needs are those which enhance a person's quality of life, while secondary needs are essential for survival.
False (B)
Goods and services are indistinguishable, as both satisfy consumer needs and wants in the same manner.
Goods and services are indistinguishable, as both satisfy consumer needs and wants in the same manner.
Efficient use of goods and services involves minimizing waste and maximizing benefits derived from them.
Efficient use of goods and services involves minimizing waste and maximizing benefits derived from them.
Socio-economic imbalances are exclusively a rural challenge and do not affect urban areas significantly.
Socio-economic imbalances are exclusively a rural challenge and do not affect urban areas significantly.
Unlimited wants, combined with limited resources, is a fundamental concept that drives economic decision-making.
Unlimited wants, combined with limited resources, is a fundamental concept that drives economic decision-making.
The history of money began with paper money, which was universally adopted from the earliest stages of economic exchange.
The history of money began with paper money, which was universally adopted from the earliest stages of economic exchange.
A paper should be written before any revision takes place.
A paper should be written before any revision takes place.
Understanding the definition of production, including inputs and outputs, is a core concept related to the economy.
Understanding the definition of production, including inputs and outputs, is a core concept related to the economy.
The sustainable use of resources is directly related to economic decline, focusing on minimizing resource consumption.
The sustainable use of resources is directly related to economic decline, focusing on minimizing resource consumption.
The primary role of banks is unrelated to promoting savings through various services.
The primary role of banks is unrelated to promoting savings through various services.
A business owner's prior knowledge is irrelevant to the success of their business.
A business owner's prior knowledge is irrelevant to the success of their business.
Understanding the functionality of opening a savings account at a bank is not related to financial literacy.
Understanding the functionality of opening a savings account at a bank is not related to financial literacy.
The acronym SMARTER refers to a framework for setting vague and easily achievable goals.
The acronym SMARTER refers to a framework for setting vague and easily achievable goals.
The acronym AIDA in advertising represents Attention, Interest, Desire, and Action.
The acronym AIDA in advertising represents Attention, Interest, Desire, and Action.
A business only incurs costs during its operational phase, not before.
A business only incurs costs during its operational phase, not before.
Understanding the difference between needs and desires holds little significance when starting a business.
Understanding the difference between needs and desires holds little significance when starting a business.
An entrepreneur is someone who avoids taking on any risks.
An entrepreneur is someone who avoids taking on any risks.
Businesses typically face identical challenges, irrespective of their industry or size.
Businesses typically face identical challenges, irrespective of their industry or size.
Advertisements are exclusively broadcast via television with the exclusion of other mediums.
Advertisements are exclusively broadcast via television with the exclusion of other mediums.
The term 'budget' in business refers to an estimation of revenue and expenses for a specific period.
The term 'budget' in business refers to an estimation of revenue and expenses for a specific period.
Grade 7 core notes do not contain any information about advertisements.
Grade 7 core notes do not contain any information about advertisements.
Only 10% of the cognitive levels are HIGH order for tasks.
Only 10% of the cognitive levels are HIGH order for tasks.
Project marks allocation is out of 20.
Project marks allocation is out of 20.
The SBA can include activites and class tets, among other things.
The SBA can include activites and class tets, among other things.
Term 2 work makes up 100% of the formal assesment.
Term 2 work makes up 100% of the formal assesment.
Informal assessment is primarily for grading purposes and does not provide valuable feedback for students.
Informal assessment is primarily for grading purposes and does not provide valuable feedback for students.
Goods and services represent the final output of the economic production process, while inputs are the resources used in that process.
Goods and services represent the final output of the economic production process, while inputs are the resources used in that process.
Productivity measures the quantity of inputs used, regardless of the resultant output.
Productivity measures the quantity of inputs used, regardless of the resultant output.
Banks only provide services such as savings accounts and loans; they do not play a role in facilitating transactions or providing financial advice.
Banks only provide services such as savings accounts and loans; they do not play a role in facilitating transactions or providing financial advice.
The primary role of money is solely to serve as a unit of account, not as a medium of exchange or a store of value.
The primary role of money is solely to serve as a unit of account, not as a medium of exchange or a store of value.
Entrepreneurship exclusively involves starting a new business; it does not encompass innovation or risk-taking within existing organizations.
Entrepreneurship exclusively involves starting a new business; it does not encompass innovation or risk-taking within existing organizations.
Resources, when used in the production process, have no effect on productivity.
Resources, when used in the production process, have no effect on productivity.
The cognitive levels for formal assessments are equally distributed, comprising 33.3% for LO (Low Order), MO (Middle Order), and HO (High Order) thinking skills.
The cognitive levels for formal assessments are equally distributed, comprising 33.3% for LO (Low Order), MO (Middle Order), and HO (High Order) thinking skills.
The year-end examination exclusively covers content from Term 4; previous terms are not included.
The year-end examination exclusively covers content from Term 4; previous terms are not included.
Bartering involves exchanging existing forms of money for goods and services.
Bartering involves exchanging existing forms of money for goods and services.
Needs are desires that can be satisfied by consuming a good, service, or resource.
Needs are desires that can be satisfied by consuming a good, service, or resource.
Producers create goods and services, while consumers purchase and use them.
Producers create goods and services, while consumers purchase and use them.
Primary needs are those you can live without, such as entertainment.
Primary needs are those you can live without, such as entertainment.
Businesses start primarily to satisfy personal needs rather than to provide goods and services to others.
Businesses start primarily to satisfy personal needs rather than to provide goods and services to others.
Reusing goods involves buying new items instead of finding ways to use existing ones again.
Reusing goods involves buying new items instead of finding ways to use existing ones again.
Understanding inequality and poverty is crucial for promoting fairness and justice in communities.
Understanding inequality and poverty is crucial for promoting fairness and justice in communities.
A financial record is not termed as a capital.
A financial record is not termed as a capital.
A personal statement of net worth does not list assets, liabilities and equity at a specific point in period.
A personal statement of net worth does not list assets, liabilities and equity at a specific point in period.
Business expenses include variable costs like rent and salaries, which remain constant regardless of production volume.
Business expenses include variable costs like rent and salaries, which remain constant regardless of production volume.
Budgeting involves estimating future income and expenses to manage finances effectively.
Budgeting involves estimating future income and expenses to manage finances effectively.
An entrepreneur shows characteristics and skills of buying and selling (making profit through trading).
An entrepreneur shows characteristics and skills of buying and selling (making profit through trading).
Formal and informal businesses primarily fulfill needs and wants.
Formal and informal businesses primarily fulfill needs and wants.
SWOT analysis stands for Strengths, Weaknesses, Openings and Threats.
SWOT analysis stands for Strengths, Weaknesses, Openings and Threats.
Advertising principles do not apply to profit making or non-profit organisations.
Advertising principles do not apply to profit making or non-profit organisations.
Flashcards
The Economy
The Economy
The system of how money is made and used within a country or region.
Traditional Societies Economy
Traditional Societies Economy
Bartering, using items like cattle for trade.
History of Paper Money
History of Paper Money
Early forms included receipts for gold held by goldsmiths.
Needs
Needs
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Wants
Wants
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Primary Needs
Primary Needs
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Secondary Needs
Secondary Needs
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Goods
Goods
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Definition of Production
Definition of Production
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Inputs
Inputs
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Outputs
Outputs
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Sustainable Use of Resources
Sustainable Use of Resources
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Personal Savings
Personal Savings
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Goods and services
Goods and services
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Inputs in production
Inputs in production
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Productivity
Productivity
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Money
Money
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Purpose of savings
Purpose of savings
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Services offered by banks
Services offered by banks
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Entrepreneurship
Entrepreneurship
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Role of banks
Role of banks
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Bartering
Bartering
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Promissory Notes
Promissory Notes
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Producers
Producers
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Consumers
Consumers
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Limited Resources
Limited Resources
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Entrepreneur
Entrepreneur
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Entrepreneurial Skills
Entrepreneurial Skills
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Informal Business
Informal Business
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Formal Business
Formal Business
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SWOT Analysis
SWOT Analysis
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Budget
Budget
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Advertising
Advertising
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Fixed Cost
Fixed Cost
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Needs vs. Wants
Needs vs. Wants
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SMARTER
SMARTER
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Business Life Cycle
Business Life Cycle
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AIDA
AIDA
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Advertising Brief
Advertising Brief
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Buying
Buying
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Advertising Media
Advertising Media
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Business finance
Business finance
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Case Study
Case Study
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Business costs
Business costs
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Business Challenges
Business Challenges
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Cognitive Levels
Cognitive Levels
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Project
Project
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Study Notes
- These are annual teaching plans for Economic and Management Sciences, Grade 7, split into four terms.
Term 1 - Week 1: Baseline Assessment
- Revise learner's general knowledge of the economy.
- Life without money is explored.
- Resources include posters, magazines, newspapers, and video lessons.
- Informal assessment involves class work, case studies, oral discussions.
Term 1 - Week 2: The Economy - History of Money
- Traditional societies are discussed.
- A comparison of traditional and modern societies is made.
- Topics include bartering, promissory notes, coins, and paper money.
- Learners can exchange goods for other goods.
- Resources include posters, magazines, newspapers, and video lessons.
- Informal assessment involves class work, case studies, and oral discussions.
Term 1 - Week 3: The Economy - History of Money
- Paper money is discussed.
- Electronic banking and the role of money are explained.
- The existing forms of money in circulation are examined.
- Resources include posters, magazines, newspapers, and video lessons.
- Informal assessment includes class work, case studies/posters, activities, and oral discussions.
Term 1 - Week 4: The Economy - Needs and Wants
- Needs and wants are differentiated.
- Basic needs of individuals, families, communities, and the country are discussed.
- Current assessment: History of money, Needs and wants.
- Resources include posters, magazines, newspapers, and video lessons.
- Informal assessment includes class work/case studies and activities.
Term 1 - Week 5: The Economy - Needs and Wants
- Topic covers primary and secondary needs.
- Includes unlimited wants, characteristics of needs and wants.
- Limited resources to satisfy needs and wants.
- Resources include posters, magazines, newspapers, and video lessons.
- Informal assessment involves class work/case studies and activities.
Term 1 - Week 6: The Economy - Goods and Services
- Compares goods and services.
- Includes examples of goods and services, producers, and consumers.
- People buy goods to satisfy their needs also start businesses.
- Resources include posters, magazines, newspapers and video lessons.
- Informal assessment includes class work/case studies and activities.
Term 1 - Week 7: The Economy - Goods and Services
- Using goods and services efficiently and effectively.
- How to recycle and reuse goods to satisfy needs and wants.
- Examples of goods that can be reused.
- Resources include posters, magazines, newspapers & video lessons.
- Informal assessment is conducted through class work/case studies and activities.
Term 1 - Week 8: The Economy - Inequality and Poverty
- Causes of socio-economic inequality in South Africa.
- Education and skills to fight inequality and injustice.
- Resources include posters, magazines, newspapers & video lessons.
- Informal assessment: class work/case studies and activities.
Term 1 - Week 9: The Economy - Inequality and Poverty
- Urban and rural imbalances are discussed.
- Creating sustainable job opportunities.
- Knowledge of what inequality and poverty is.
- Resources include posters, magazines, newspapers and video lessons.
- Informal assessment: class posters and presentations.
Term 2 - Revision of Term 1 Work
Term 2 - Week 2: Financial Literacy - Accounting Concepts
- Capital, assets, liability, income, and expenses, profit.
- Terminology from learners' background.
- Resources include practical demonstrations, posters, magazines, and newspapers & video lessons.
- Informal assessment: class work/case study/poster, activities and oral discussions.
Term 2 - Week 3: Financial Literacy - Accounting Concepts
- Covers savings, banking, financial records, and transactions.
- Terminology from learners' background.
- Resources include posters, magazines, newspapers & video lessons.
- Class work/case study/poster, activities, and oral discussions.
Term 2 - Week 4: Financial Literacy-Income and Expenses
- Covers losses, and budgets.
- Capital, assets, liability, income, expenses, and profit.
- Resources include demonstrations, posters, magazines, newspapers & video lessons.
- Informal assessment: class work/case study/poster, activities, and oral discussions.
Term 2 - Week 5: Financial Literacy - Income and Expenses
- Personal statements of net worth.
- Business income and expenses.
- Informal assessment consist of a test.
- Resources include practical demonstrations, posters, magazines, newspapers & video lessons.
- Class tests will also be used for informal assessments.
Term 2 - Week 6: Financial Literacy - Income and Expenses
- Savings and investments are reviewed.
- Concepts include: Losses, budgets, savings, banking, records, transactions.
- Resources include posters, magazines, newspapers & video lessons.
- Class work/case study/poster, activities, and oral discussions.
Term 2 - Week 7: Financial Literacy - Budgets
- Definition of a budget, income, and expenditure is reviewed
- Concepts covered losses, budgets, savings, banking, financial records, transactions.
- Resources include practical demonstrations, posters, magazines, newspapers & video lessons.
Term 2 - Week 8: Financial Literacy - Budgets
- Definition of a business budget, income, and expenditure.
- Some Key concepts Losses, budgets, savings, banking, financial records, transactions.
- Practical demonstrations, posters, magazines, newspapers & video lessons.
Term 3 - Week 1 Entrepreneurship: The Entrepreneur
- Definition of an entrepreneur.
- Resources include grade 7 core notes and tips for teachers lesson plans.
- Informal class assessment includes; Discussions, activities, class tests, and case study
Term 3 - Week 2 Entrepreneurship: The Entrepreneur
- Characteristics and skills of an entrepreneur.
- Characteristics of an entrepreneur from their previous knowledge.
- Grade 7 core notes tips lesson plans are the resources provided.
- Class Discussions, and activities form the basis of class assessment
Term 3 - Week 3 Entrepreneurship: The Entrepreneur
- Entrepreneurial skills of buying and selling (making profit through trading).
- What is skilful buying?
- Tip for teachers and lesson plans are the resource.
- Discussions, activities, class tests, case study make up the class assessment
Term 3 - Week 4 Entrepreneurship: The Entrepreneur
- Skills of actions of producing and making profit through manufacturing.
- What is profit?
- Grade 7 is the resources provided.
- Discussions, activities, class tests, case study forms the class assessment.
Term 3 - Week 5 Entrepreneurship: Starting a Business
- Formal and informal businesses differences.
- Needs and wants Differentiated.
- Class activity is based on previous discussions and lessons.
- Grade 7 resources and tips for teachers are provided.
Term 3 - Week 6 Entrepreneurship: Starting a Business
- SWOT analysis.
- Business faces challenges and opportunities.
- Grade 7 core notes Tips for teachers, lesson plans.
- Discussions, activities, class tests, and or case studies,
Term 3 - Week 7 Entrepreneurship: Starting a Business
- Topics covers setting goals as well as achieving goals.
- Acronym SMARTER is used.
- Grade 7 core notes Tips for teachers, lesson plans.
- Discussions, class activities are used for assessment.
Term 3 - Week 8 Entrepreneurship: Starting a Business
- Concept of advertising
- Explores Media used in advertising
- Examples of advertisements and media used are reviewed.
- Grade 7 core notes Tips provided for teachers.
Term 3 - Week 9 ENTREPRENEURSHIP: Starting a Business
- Reviews Principles of advertising
- Explains the acronym AIDA Model
- Grade 7 class notes for teachers
Term 3 - Week 10 Entrepreneurship: Starting a Business
- Explores budget for Entrepreneur's Day
- How to perform simple cost calculations
- Covers What is the budget?
- That a business must incur before and during operation
Term 4 - Week 1 The Economy: The Production Process
- Definition of production.
- Inputs and outputs are identified.
- Covers Goods and services
- Resources include practical demonstrations, posters, magazines, newspapers & video lessons
- Class work/case study/poster, activities, and oral discussions
Term 4 - Week 2 The Economy: The Production Process
- Explores Sustainable use of resources
- Meaning of economic growth.
- Meaning of productivity.
- Inputs in the production process
- Resources include practical demonstrations, posters, magazines, newspapers & video lessons
- Class work/case study/poster, activities, oral discussions
Term 4 - Week 3 The Economy: The Production Process
- Topics covers Technology in the production process.
- What is Resources and productivity
- Practical demonstrations, posters, magazines, newspapers & video lessons
- Class work/case study/poster, activities, oral discussions
Term 4 - Week 4 Financial Literacy: Savings
- Class discusses Personal savings.
- Identifies the purpose of savings
- What is the Role and functions of money
- Practical demonstrations, posters, magazines, newspapers & video lessons.
Term 4 - Week 5 Financial Literacy: Savings
- Role of banks.
- Services banks offer.
- Purpose of savings
- Practical demonstrations, posters, magazines, newspapers & video lessons.
Term 4 - Week 6 Financial Literacy: Savings
- Opening a savings account at a bank;
- Community savings schemes are identified.
- Services offered by banks are reviewed
- Practical demonstrations, posters, magazines, newspapers & lessons.
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Description
Explore economic practices and foundational concepts like needs, wants, and resource efficiency. Understand socio-economic imbalances and the importance of efficient resource use. Delve into the interplay between limited resources and unlimited wants, which drives economic decisions.
