Grade 11 Economics Exam: Section A

• Final exam papers for Grade 11 Economics are structured in a specific manner.
• The instructions tell you what is required, and deviating from them can cause you to miss out on marks.
• Use the 10 minutes reading time to decide which questions in Sections B and C to answer.
• Answer questions in blue or black ink; pencil is only allowed for graphs, sketches, illustrations, curves, etc.
• Marks are forfeited if handwriting is illegible.

Section A: Compulsory

• Answer all questions in this section.
• To answer, candidates must know economic concepts, terminology, definitions, and/or descriptions.
• Attempt all questions, even without knowing the answer, and return to uncertain answers later.
• Educated guesses are recommended when unsure.

Multiple Choice Questions

• Read the question/statement thoroughly before answering.
• Only one option/answer per question will be accepted.
• If more than one option/answer is written, both will be marked as incorrect.
• Read the entire question/statement, then cover the possible answers.
• Eliminate wrong or nonsensical answers.
• Choose the best answer from the remaining options.

Matching-type Questions

• Read the question carefully and provide the description in COLUMN B next to the TERM in COLUMN A.
• Only one answer is accepted per term; if two answers are chosen, both will be marked as incorrect.
• The information that can be linked to each other includes economic concepts, dates with events, theory with the theorist, and problems with solutions.
• Use logic, knowledge, and elimination to answer matching questions.

Give One Term Questions

• Give only one term for each description provided; abbreviations, acronyms, and examples are not allowed.

Section B: Application Questions

• Candidates are given three questions and must only answer two.
• If all three questions are answered, only the first two will be marked.
• These are middle to higher order questions that require full sentences.
• Extract/picture/cartoon/table/diagram provides context to content covered, serving as an introduction/stimulus.
• These questions are usually descriptive, testing knowledge of terminology.
• Candidates are normally expected to briefly describe a term / concept and must write answers in full sentences.

How/Why/What Questions

• Candidates must provide their own opinion/understanding of the question and write it in full sentences.

Section C: Final Year-End Examination

• Two essay-type questions are given, and learners must only answer one.
• Candidates will score no marks for writing an incorrect essay, even if that essay is substantial.
• The first essay will be marked if both are written.
• Answer the question as stated, e.g., with graphs, without graphs, with diagrams, without diagrams.
• Structure essays properly, including introduction, body (main part), additional part, and conclusion.
• Examiners must include such statistics and additional information in their answers.

Economics Grade 11

• Paper 1 is on Macroeconomics.
• Paper 2 is on Microeconomics
• Section A question 1 is compulsory, and all questions must be answered.
• If your preferred topic is Macroeconomics, choose questions 2, 4, and 5 for Paper 1.
• If your preferred topic is Economic Pursuits, choose questions 3, 4, and 6 for Paper 1.
• Natural resources are free gifts from nature.
• Labour is all human effort, mentally and/or physically, provided by people to earn a remuneration.
• Capital are man-made resources that produce more goods and services, it makes the production process easier.
• The entrepreneur takes the initiative to start the business, organize its production, and take risks.
• Economic goods are available in limited quantities and command a price.
• Free goods are freely available in unlimited quantities and do not command a price.
• Natural resources are scarce in relation to people's demands

Four Factors of Production

• Natural resources: free gifts from nature.
• Labour: all human effort provided for remuneration.
• Capital: man-made resources to produce goods and services.
• Entrepreneurship: initiative to start and organize the business.
• The most important reasons for countries following a particular economic system are the stages of development of a country.

Labour

• Labour is all work done by people, whether skilled or unskilled, providing physical or mental effort.
• Nothing is manufactured without the inputs from people.
• Can be separated from its owner
• Income, the goal of earning, not storable.
• Classified into skilled, semi-skilled, and unskilled.
• Economic definition means Production cannot take place without physical and mental effort.
• Capital is money invested in machinery and equipment for production.
• Money capital comes from the entrepreneur's money to buy machinery.
• Real capital- actual tools and machinery bought with money capital to use in the production process to manufacture useful goods and services.

Entrepreneurship

• Process of combining natural resources, capital, and labour for production.
• People who start, manage, and control businesses by taking risks to make profits.
• Plays an important role in contributing to growth and progress in any economy.
• Government provides social services to promote individual welfare and enhance the economic prospects of the country.

Production Value

• Production value is scarce because natural resources are scarce, need of the quality for demand is up, and it take a long time to replenish oil
• Natural resources can be used for inputs to produce goods and services for international trade, and for forestry
• Labor is needed in all aspects of life to earn wages.
• Capital as Money is invested in machines to create products.
• Entrepenuership as someone willing to take on risk for profit
• The government contributes to the welfare, economic propects, and healthcare socialy.
• Natural Resources have prices, unevenly disturbuted and need to add value, and need to be used in service and agriculture

Economic Pursuits

• Economic Marginalized groups are worse in income and non-income that include basic services, largely unemployed, marginalized of race and gender
• Community helps the unemployeed get a job for skill empowerment for economic reasons.
• Economic analysis if the uses of goods and services in the nation in relation to the value.

Macroeconomics Exam Topics

• Macroeconomics topic included examination of the factors of production and money with banking.
• Circular Flow included economic goods, services, monetary and quantitative.
• Exam topics must also include economic systems with socio-economic analysis.
• Analysis of the economic structure of South Africa must also be covered in the exam.