Podcast
Questions and Answers
In a mixed economy, which entities participate in the production of goods and services?
In a mixed economy, which entities participate in the production of goods and services?
- Households, businesses, and government (correct)
- Businesses and government only
- Government and households only
- Households and businesses only
If a national government requires military uniforms, which economic role does the government fulfill when purchasing these uniforms from a manufacturer?
If a national government requires military uniforms, which economic role does the government fulfill when purchasing these uniforms from a manufacturer?
- Consumer (correct)
- Distributor
- Regulator
- Producer
Which of the following best describes the role of provincial departments of local government?
Which of the following best describes the role of provincial departments of local government?
- To oversee national coordination of all nine provinces.
- To monitor and support municipalities within each province. (correct)
- To operate independently of the national government.
- To directly manage the national coordination of provinces.
Why might a government choose to implement excise duties on specific products?
Why might a government choose to implement excise duties on specific products?
What role do households play in countries' infrastructure and services?
What role do households play in countries' infrastructure and services?
In the context of government revenue, what distinguishes direct taxes from indirect taxes?
In the context of government revenue, what distinguishes direct taxes from indirect taxes?
How does investment in education contribute to the government's objective of economic development?
How does investment in education contribute to the government's objective of economic development?
What immediate financial action does the implementation of the national budget directly enable?
What immediate financial action does the implementation of the national budget directly enable?
How do social grants counteract the consequences of historical economic policies?
How do social grants counteract the consequences of historical economic policies?
Which action reflects a responsible and productive approach to conserving resources?
Which action reflects a responsible and productive approach to conserving resources?
What is the correlation between national environmental resource quality and productivity?
What is the correlation between national environmental resource quality and productivity?
What distinguishes modern societies from rural societies concerning interaction with the environment?
What distinguishes modern societies from rural societies concerning interaction with the environment?
To achieve economic growth through a national budget, how must the government strategically manage both revenue and spending?
To achieve economic growth through a national budget, how must the government strategically manage both revenue and spending?
What steps could decrease the damage industrialization does to the environment?
What steps could decrease the damage industrialization does to the environment?
Which characteristic describes a self-sufficient society?
Which characteristic describes a self-sufficient society?
What distinguishes VAT from other forms of taxation?
What distinguishes VAT from other forms of taxation?
Flashcards
What is government?
What is government?
The people that govern or rule a country or state.
What is democracy?
What is democracy?
A system where citizens vote for their representatives in Parliament.
How taxes help the state?
How taxes help the state?
The state runs efficiently, citizens obey state laws, and citizens get needed infrastructure.
What does national government do?
What does national government do?
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What is the legislative branch?
What is the legislative branch?
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What is the executive branch?
What is the executive branch?
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What is the judicial branch?
What is the judicial branch?
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What does provincial government do?
What does provincial government do?
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What is a municipality?
What is a municipality?
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One important objective of municipalities?
One important objective of municipalities?
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Households as producers?
Households as producers?
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Households as consumers?
Households as consumers?
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Businesses as producers?
Businesses as producers?
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What is a National Budget?
What is a National Budget?
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What is a fiscal year?
What is a fiscal year?
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What is government revenue?
What is government revenue?
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What are taxes?
What are taxes?
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What are direct taxes?
What are direct taxes?
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What are indirect taxes?
What are indirect taxes?
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What are excise duties?
What are excise duties?
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Government Expenditure?
Government Expenditure?
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What are social grants?
What are social grants?
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What is economic growth?
What is economic growth?
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What is inflation?
What is inflation?
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What are economic inequalities?
What are economic inequalities?
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What are social inequalities?
What are social inequalities?
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What is a standard of living?
What is a standard of living?
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What are lifestyles?
What are lifestyles?
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What are self-sufficient societies?
What are self-sufficient societies?
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What are modern societies?
What are modern societies?
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What is unemployment?
What is unemployment?
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What is productive resources?
What is productive resources?
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What is capital?
What is capital?
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What is owner's equity?
What is owner's equity?
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What is business income?
What is business income?
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What are expenses?
What are expenses?
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What is business profit?
What is business profit?
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What are transactions?
What are transactions?
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What is cash receipts?
What is cash receipts?
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What is duplication?
What is duplication?
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What is eft transfers?
What is eft transfers?
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Study Notes
Accommodating Unplaced Grade 8 Learners in 2024
- Aims to provide alternative education methods for Grade 8 students without school placements
- Two approaches are detailed: 'At Home Learning' and 'Platooning'
At Home Learning
- Provides a structured environment for learners without immediate school placement
- Empowers learners to engage in CAPS curriculum-based education at home
- Guidance provided on curriculum, learning activities, and strategies
Platooning
- Learners share educational experiences in groups
- Collaborative approach creates temporary learning communities
- Learners benefit from shared resources and diverse perspectives
Required weekly time in minutes.
- Home Language: 162 minutes
- First Additional Language: 126
- Mathematics: 150
- Natural Sciences & Social Sciences: 96 each
- Technology, Economic Management Sciences, Life Orientation, and Creative Arts: 90 each
Planning for Term 1
- Covers Economic Management Sciences (EMS) for Grade 8, Term 1
- Topics include the economy and financial literacy
- Content covers planning according to ATP, outcomes, terminology, content, activities, and memorandums
- The Data response and controlled tests are formal assessments
The Economy: Government
- Total time: 3 weeks
- Outcomes include understanding the meaning of government and its different levels, alongside roles concerning households and businesses
Key terminologies concerning Government
- Democratic, Elect, Dictator, Government
- Parliament, Members of parliament, Debate
- Taxes, Services, Economic development
- Infrastructure, General election, Legislative
- Executive, Judicial, Municipality
- Portfolio, Premier, Sanitation, Metros, Public servants
Government responsibilities
- Makes a country's laws and protects people
- Ensures order and provides infrastructure like roads, hospitals, and electricity
- Administers the State by using taxes to ensure efficiency, law obedience, and economic growth
- Operates at three levels: National, Provincial, and Local
Government structures
- National government addresses national issues like safety, security, foreign affairs, and international trade
- Its branches include the Legislative (makes laws), Executive (executes laws), and Judicial (ensures justice)
- Provincial governments coordinate provinces, with Departments of Local Government monitoring municipalities
- Local governments deal with regional/provincial economic issues and provide local services
The Government in action
- Governments employ people like businesses and provide resources/services
- Householders pay taxes so the Government can provide these services.
- Sells services and products and buys goods from and products to the Government
- Levies' taxes for the use of resources like roads and traffic departments.
The Economy: National Budget
- Total time: 2 weeks
- Aim is to study the budget and its influence on economic inequalities.
- Involves government revenue, direct and indirect tax, government expenditure etc.
- National Budget describes how the government expects to raise and spend money
- Revenue is the money amount received as income.
- Expenditure refers to spent money amounts.
- The difference between income and expenditure shows a surplus or deficit.
- Governments may borrow nationally or internationally.
- Taxes are compulsory citizen payments like customs or excise duties.
Defining Taxes
- Direct taxes are paid directly to the government, such as personal income tax, company tax, and capital gains tax
- Direct taxes cannot be avoided
- Indirect taxes, like VAT, are paid on goods/services, potentially raising prices
Other Taxes,
- VAT is charged at 15% on goods and services
- Some products such as vegetables, egg, rice are exempted
- Excise duties discourage tobacco and similar products.
- Custom duties apply to imports and exports.
- Fuel and municipal taxes apply to fuel and municipal rates.
Government Spending
- Revenue is raised to provide public goods and essential services.
- Constitution of South Africa guarantees basic education.
- Grants are provided to the poor and vulnerable citizens,
- Services such as Housing, Health and Civil Aviation provided.
Economic Factors
- Economic Growth shows an increase in the capacity to produce goods,
- Inflation occurs if there is over-printing of money.
- The government can combat economic inequalities with services,
- These can include free healthcare and schools with no fees.
The Economy: Standard of Living
- Total time: 1 week
- Aims to study the impact on development on lifestyle and the environment.
- Study's effect of unemployment and promoting a healthy environment
- Living standards are the access people have to wealth
- This is seen through the quality of goods and services that can be consumed
- It varies greatly and it dictates lifestyle
Rural society
- High density areas,
- People use technology to get money.
- They also buy electricity, farm, food and water.
Development effect on urban society
- Affects the water, air and minerals.
- Over usage leads to lack of resources, pollution,
- Lack of employment.
Resources used must,
- Contribute toward a productive way.
- Growth must happen.
Financial Literacy: Accounting Concepts
- Total Time: 2 weeks
- Aims to get people to learn the accounting concepts.
- A sole trader is a business run by a person and managed correctly,
- The debit side is to the left, whilst credit is to the right,
- Assets can be converted to money, liabilities show debt.
- Owners equity is monetary interest and profit show is income is more than expenses.
- Banking institutions safeguard business money.
Financial Literacy: Source Documents
- Total Time: 1 week
- The aim is to learn about source documents.
- Bank and deposit slips.
- Internal/External documents contain the information that helps people with point of views.
- A duplicate receipt can record cash received or EFT.
- A receipt Is used by vendors if money is received by the business.
- The number and amount paid can be seen on a till slip,
- Can be useful if paying by EFT/EFT reference.
Bank Statements
- Business receive Bank Statement that shows the deposits as well as withdrawals for the month
- The bank accounts are reconciled from there.
- Cash invoices/slips, to record all transactions and requests.
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