EMS-9-Condensed.pdf

Economic and...

Economic and Management Sciences Grade 9 Condensed Version Grade 9 Economic and Maagement Sciences 2016 Wamark Publishers 072 827 7925 Term 1 - 4 © ISBN978-09870209-3-2 ISBN 098702093-5 S B N 0 9 5 8 5 0 YTGietl YT Gietl 7 8 0 9 5 8 5 0 1 9 780987 020932  ENRICHED VERSION VS CONDENSED VERSION Alongside the enriched EMS 8 and 9 workbooks, we also have condensed versions. This table will explain the differences and benefits of each. ENRICHED EMS WORKBOOKS CONDENSED EMS WORKBOOKS This version suits schools with 3 or more This version suits schools with very lessons allocated to EMS per cycle. limited time i.e. have fewer than 3 The topics covered will prepare learners lessons per cycle or have allocated for grade 10. more time to Accounting. Include CAPS CAPS only Revision Topics and Activities * * Enrichment Topics and Activities * * Tear - out Activities 22 23 11 13 Set out in SUBJECTS namely: Economics, * * Financial Literacy and Entrepreneurship * * Set out Term 1 – 4 in TOPICS as per CAPS Price incl. VAT R 160 R 160 R 120 R 120  ECONOMIC AND MANAGEMENT SCIENCES GRADE 9 CONDENSED VERSION INDEX ASSESSMENT LEARNER SUPPORT MATERIAL PAGE ACTIVITY NUMBER PAGE Personal Goal Statement 7-8 Plot your Progress 9 - 10 Continuous Homework Assessment 11 - 12 TERM 1 1.1 Factors of Production REVISION 13 - 14 Oral Presentation 1 15 - 20 1.2 The New Companies Act Forms of Ownership REVISION Advantages and Disadvantages 21 - 32 1.3 Economic Systems Planned, Market and Mixed Economy Advantages and Disadvantages 33 - 36 Assignment 2 37 - 38 Role - players in the Economy 39 - 44 Closed and Global Economy TERM 2 2..1 Cash and Credit Purchases 45 - 50 National Credit Act 51 - 52 Data Response 1 3 53 - 54 Data Response 2 4 55 - 58 2.2 Price Theory Supply and Demand 59 - 60 Market Equilibrium 61 - 64 Increase in Demand 65 - 66 Increase in Supply 67 - 68 2..3 Sectors of the Economy Primary, Secondary, Tertiary 69 - 70 Interrelationships, 71 Sustainable use of Resources and 72 - 74 Skills required Data Response 3 5 75 - 76 TERM 3 3.1 Trade Unions Historical Development 77 - 80 Rights and Responsibilities 81 - 86 Effect on business and sustainable growth Worksheet 6 87 - 90 Project 1 7 91 - 92 3.2 Functions of Business 93 - 96 Project 2 8 97 - 100 Roles and Characteristics TERM 4 4.1 Concept and format of a Business Plan 101 - 106 Target Market 107 - 108 Projected Profit and Loss 109 - 110 Production Costing 111 - 114 Business Plan 9 - 13 Break Even Point 115 - 116 4 P's of Marketing 117 Marketing Plan 118 Market Research 119 - 124 SWOT Analysis 125 - 130  DEMAND AND SUPPLY The analysis of demand and supply is an economic tool used to examine and predict the behaviour of households (purchasers of goods and services) and business (the suppliers of the goods and services) 1. DEMAND (households) “Demand” is the intention that households have to buy a product and they have the money to do so. Definition: Demand refers to the quantities of a good or service that the potential buyers are willing to buy and are able to buy during a certain period. 1.1. The following factors determine demand The price of the product i.e. the lower the market price the more will be demanded The price of related products e.g. bread, butter, jam and cheese The income of the consumer The taste (or preference) of the consumer The size of the household Availability and supply does not influence demand. To illustrate market demand we make use of numbers in the form of a schedule (Demand schedule) and we make use of a graph (Demand curve). Example: The possible market demand (total demand) of microwaves at given prices for 2011. Schedule Graph showing the possible demand of microwaves for 2011 Quantity D Price per microwaves 2500 microwave demanded 2000 at given price PRICE 1500 R 2 500 100 1000 R 2 000 300 R 1 500 400 500 D R 1 000 500 0 100 200 300 400 500 600 R 500 600 QUANTITY You will note that the higher the price, the lower the demand and the lower the price the higher the demand. ACTIVITY 1 Date: _____________________ Using the data given in the demand schedule, draw a graph for market demand for 2011. Give your graph a heading. Quantity Price per kettles kettle demanded at given price R 350 100 R 300 150 R 250 200 R 100 250 R 50 300 59 2. SUPPLY (Firms/ businesses) “Supply” is the planned quantity of goods to be supplied by business, farmers etc. Definition: Supply refers to the quantities of a good or service that producers plan to sell at each possible price during a certain period 2.1. The following factors determine supply The price of the product e.g. the higher the market price the more a farmer will supply The prices of substitute products i.e. goods that can be used instead of the product e.g. butter and margarine Prices of Factors of Production and other inputs – higher input costs means higher production costs and vice versa Expected future prices e.g. a farmer may expect high prices on the market for his tomatoes so he supplies more or a wheat farmer may withhold his supply till prices increase The state of technology e.g. use of new fertilizers may improve the farmers yield Demand influences price and price influences supply To illustrate market supply we make use of numbers in the form of a schedule (Supply schedule) and we make use of a graph (Supply curve) Example: The possible market supply (total supply) of bicycles at given prices for 2011 Schedule Graph showing the possible supply of bicycles for 2011 Quantity Price per bicycles 5000 S bicycle supplied 4000 at given price PRICE R 5 000 4000 3500 R 4 000 3000 2500 R 3 500 2500 1000 S R 2 500 1000 0 1000 2000 3000 4000 R 1 000 500 QUANTITY You will note that the higher the price the higher the supply and the lower the price the lower the supply. ACTIVITY 2 Date: _____________________ Using the data given in the supply schedule, draw a graph for market supply for 2011. Give your graph a heading. Quantity Price per tents supplied tent at given price R 700 500 R 600 450 R 500 400 R 300 200 R 100 100 60 3. MARKET EQUILIBRIUM Now that you understand demand and supply we can now combine them to explain equilibrium in the market for a particular good or service. Definition: The market is in equilibrium when the quantity demanded is equal to the quantity supplied. The price at which this occurs is called equilibrium 3.1. Excess supply and demand At any other price there is disequilibrium in the form of excess supply and excess demand. When there is disequilibrium, market forces are set in motion to move the market towards equilibrium. The demand and supply of potatoes in the market on a particular day Price of potatoes Quantity demanded Quantity supplied Excess supply / Pressure on (R/kg) (R/kg) (R/kg) Excess demand Price 2 400 0 400 excess demand Upward 3 350 100 250 excess demand Upward 4 300 150 150 excess demand Upward 5 250 250 Equilibrium None 6 200 300 100 excess supply Downward 7 150 350 200 excess supply Downward Column 1: shows the various prices for potatoes on a given day (in Rands per kilogram). Column 2: shows the quantity demanded at various prices. Column 3: shows the quantity supplied at various prices. Column 4: shows the difference between quantity demanded and supplied and the last Column 5: shows the direction of the pressure put on the price of the product. When the quantity demanded is greater than the quantity supplied there is excess demand – market shortage When the quantity supplied is greater than the quantity demanded there is an excess supply – market surplus. To illustrate equilibrium we also make use of a schedule (Demand and Supply schedule) and we make use of a graph (Demand and supply graph) Graph for supply and demand for potatoes on a given day D S Price per Quantity Quantity 7 potatoes demanded supplied 6 (R/kg) (R/kg) (R/kg) E 5 2 400 0 4 DAYS 3 350 100 3 4 300 150 2 S D 5 250 250 1 6 200 300 0 7 150 350 50 100 150 200 250 300 350 400 QUANTITY 61 ACTIVITY 3 Date: _____________________ PRICE per kg biscuits (R/kg) DEMAND (kg) SUPPLY (kg) 5 300 50 10 250 100 15 150 150 25 100 200 30 50 250 35 10 275 62 ACTIVITY 4 Date: _____________________ Use the following information and draw a graph showing equilibrium of supply and demand. Include a heading. Make a noise! PRICE Per Vuvuzela DEMAN SUPPL (R) D 450 Y 50 1 5 35 15 1 0 32 0 20 0 2 5 30 5 30 0 2 0 2 00 3 05 3 5 15 0 4 00 3 0 5 0 50 0 5 0 0 63 ACTIVITY 5 Date: _____________________ Use the following information and draw a graph for the equilibrium of supply and demand. Include a heading. Just do it! PRICE per pair of Nike XBOX sneakers ($) DEMAND SUPPLY 30 120 Pairs 10 Pair 40 100 20 50 70 30 60 50 50 70 40 60 80 30 70 95 20 85 100 10 90 64 4. CHANGES IN DEMAND 4.1 INCREASE AND DECREASE IN DEMAND REASONS FOR THE INCREASE IN DEMAND REASONS FOR THE DECREASE IN DEMAND An increase in the price of a A fall in the price of a substitute substitute product e.g. a bar of soap product and liquid hand soap An increase in price of a A decrease in the price of a complimentary product complimentary product e.g. bread A fall in consumers' income and butter A reduced preference for the product An increase in consumers income A greater consumer preference for the product Substitute product: goods that can be used instead of the product Complimentary product: goods that are used jointly https://www.youtube.com/ watch?v=eBD5hQVwi2o 0:00 - 3: 03 65 66 5. CHANGES IN SUPPLY 5.1 INCREASE and DECREASE IN SUPPLY REASONS FOR THE INCREASE IN SUPPLY REASONS FOR THE DECREASE IN SUPPLY Fall in price of a substitute product The rise in the price of a substitute Rise in price of a joint product e.g. product sugar and molasses, wheat and bran, Fall in price of a joint product beef and leather An increase of any of the Factors of Reduction in the price of any of the Production or inputs – increasing the Factors of Production or other inputs – cost of production decrease in the cost of production A deterioration in the productivity if the Improved/increased productivity of the Factors of Production therefore Factors of Production e.g. technology – increasing production costs e.g. lowering the cost of production workers on strike Expected future prices e.g. a farmer Expected future prices e.g. a wheat may expect high prices on the market farmer may withhold his supply till for his tomatoes so he supplies more prices increase Joint products - Products that are produced jointly (by products of the same raw materials) https://www.youtube.com/watch? v=eBD5hQVwi2o 3:03 - 5:26 67 68