Economic and Management Sciences Grade 9

1 Economic and Management SciencesGrade 9By:Siyavula UploadersEconomic and Management SciencesGrade 9By:Siyavula UploadersOnline:< >C O N N E X I O N SRice University, Houston, ( ).Collectionstructurerevised:Septemb er15,2009 PDFgenerated:Octob er29,2012 Forcopyrightandattributioninformationfor themo dulescontainedinthiscollection, owofmoney,pro ductionfactorsandgo o ds(revised).. xingthroughsupplyanddemand.. uenceoftradeunions.. ,growthandeconomicalequalities.. ductivity.. erenceb etweenanincomestatementandabalancesheet. . cialandenvironmentalresp onsibilitiesofbusinesses.. nancialstatements.. dsofpayment..141 Attributions.. 144ivAvailableforfreeatConnexions< >Chapter 1 Term owofmoney,pro ductionfactorsandgo o ds(revised) , ,PRODUCTIONFACTORSANDGOODSONCOMPLETINGTH ISSECTIONYOUWILLBEABLETODESCRIBETHEFLOWO FMONEY, ,weneedtoanalysetheparticipantsintheecon omy,whoarenaturallyalsotheparticipantsin thecycle:The emetinorderforthemtosurvive,namelythenee dforFOOD,CLOTHING, , ,theymustuse/applytheirLABOUR,CAPITAL,LA NDandENTREPRENEURIALTALENT inordertopro ducethenecessarypro :HUMANNEEDSSELF:Makealistofhumanneedsand givego o dexamplesineachcase.

2 (Hint:Starto bymakingalistofyourownneeds.) :HUMANNEEDS1 Thiscontentisavailableonlineat< >.AvailableforfreeatConnexions< > :Whichofthepreviouslymentionedneedsareth emostcomp ellingones? sell theirfactorofpro ductiontothesecondparticipantinthecycle, thePRODUCER ortheBUSINESSENTERPRISE,whowillthenorgan iseandarrangetopro ducepro ducerwill remunerate theconsumerfortheuseofhis/herfactorsofpr o duction(inthefollowingway): AWAGE ispaidfortheuseofLABOUR; INTEREST ispaidfortheuseofCAPITAL; RENT ispaidfortheuseofLAND;and Theconsumerispaidashareofthepro tfortheuseofhis/herENTREPRENEURIALTALENT . Thiscomp ensationisusedbytheconsumertopurchasepro ductsfromthepro ducer(hissupplyofgo o dsandservices) (LUs)LO1theeconomiccycleThelearnerwillb eabletodemonstrateknowledgeandunderstand ingoftheeconomiccyclewithinthecontextof theeconomicproblem.

3 AssessmentStandards(ASs) erent owsofmoney,factorsofpro duction,go o dsandservicesintheeconomiccyclewithinthe SouthAfricaneconomy; ; uenceprices; uenceandactions(strikesandstayaways)oftr adeunionsingeneralandduringtheapartheide raon: theSouthAfricaneconomy; p olitical,economicandso cialtransformation; lab ourissues; ectofthenationalbudgetontheeconomy( enditureoneducation,so cialwelfare,healthandsecurity.) :HumanneedsSELF:Alistoftheneedsofp eople:Fo o d,clothing,housing,protection,recreation ,music,love,p ower, :HumanneedsAvailableforfreeatConnexions< >3 GROUP:Themosturgentneeds:Fo o d,clothing,housing,protection, :PRODUCTIONACTIVITIESSELF:Classify,withr elevantexamples,thedi :PRODUCTIONFACTORSGROUP:Pictureahousehol d/familyinwhichallthefactorsofpro ertoshowhowhe/sheparticipatesinthepro ductionpro ersofeachgroupmustexplaintheirexamplesto therestoftheclassandalsodescrib epresentedasfollowsinitssimplestform.

4 PRODUCERS/BUSINESSENTERPRISESO nanalysingthecycle,onecanseeveryclearlyt hatthereareTWOstreams, owinopp ositedirectionsandwillb eequalina closed endmorethanwhattheyhavereceivedas income .Notethattheir income isequaltothevalueofthego o dsandservicesthattheyhavepro ducedandsoldonthemarketsforconsumergo o endonlythe money thattheyhavereceivedascomp ensationfortheservicesoftheirpro (LUs)LO1theeconomiccycleThelearnerwillb eabletodemonstrateknowledgeandunderstand ingoftheeconomiccyclewithinthecontextof theeconomicproblem. AssessmentStandards(ASs) erent owsofmoney,factorsofpro duction,go o dsandservicesintheeconomiccyclewithinthe SouthAfricaneconomy; ; uenceprices;2 Thiscontentisavailableonlineat< >.

5 AvailableforfreeatConnexions< > uenceandactions(strikesandstayaways)oftr adeunionsingeneralandduringtheapartheide raon: theSouthAfricaneconomy; p olitical,economicandso cialtransformation; lab ourissues; ectofthenationalbudgetontheeconomy( enditureoneducation,so cialwelfare,healthandsecurity.) :Pro ductionactivitiesSELF:Activitiesofindust ries/businessenterprisesprimaryindustrie s, ,sto ckfarming,forestry,mining, sheries, , cessingindustriesinvolving shfactories,abattoirs, , ort,shops,cafes, , ctors,lawyers,hairdressers, :Factorsofpro ductionGROUP:Familyrepresentingallthefac torsofpro duction(example)Father:Farmerandlandowne r(primaryindustry) Entrepreneurialtalentandownerofpro ductionfactor, :Do ctorinprivatepractice(serviceindustry) Entrepreneurialtalentandlab ourSon:Cabinetmaker(secondaryindus-try) Lab ourDaughter:Owner,cashloansbank(tertiary industry) < > :ECONOMICCYCLESELF:Drawyourownversionoft heeconomiccyclesothatb oththeparticipantsandthe.

6 MARKETFORFACTORSOFPRODUCTIONGROUP:Classi fyallthefactorsofpro ductionfactorsthatwillb eavailableonthemarketforfactorsofpro ductionandindicatewhatremunerationwillb :MARKETFORCONSUMERGOODSGROUP:Classifythe pro ductsthataretradedonthemarketforconsumer go o closed economytheSTATE alsoplaysanimp ortantrole,seeingthatthestateisalsoacons umer( o dpro ductsandmedicalsuppliesonthemarketforcon sumerpro ducts).Inaddition,thestateisalsoapro ducer(hospitalssupplymedicalservicestoco nsumers).Furthermore,theconsumerspaytaxe stothestateandfromthese funds certainservicesthatareofnationalinterest aredelivered,forexampleeducationandp ,whenthestatepaysfortheuseoftheserviceso fthefactorofpro duction,forexamplesalaries,the taxmoney :ECONOMICCYCLETHATINCLUDESTHESTATESELF:D rawyourownversionoftheeconomiccycle(that includesthestate)sothatb oththeparticipantsandthe < >.

7 AvailableforfreeatConnexions< > :SERVICESOFFEREDBYTHESTATE[ ]GROUP: (LUs)LO1theeconomiccycleThelearnerwillb eabletodemonstrateknowledgeandunderstand ingoftheeco-nomiccyclewithinthecontextof theeconomicproblem. AssessmentStandards(ASs) erent owsofmoney,factorsofpro duction,go o dsandservicesintheeconomiccyclewithinthe SouthAfricaneconomy; ; uenceprices; uenceandactions(strikesandstayaways)oftr adeunionsingeneralandduringtheapartheide raon: theSouthAfricaneconomy; p olitical,economicandso cialtransformation; lab ourissues; ectofthenationalbudgetontheeconomy( enditureoneducation,so cialwelfare,healthandsecurity.) : :Marketforpro ductionfactorsGROUP:Classi cationofpro ductionfactorsAvailableforfreeatConnexio ns< >7 Naturalresources Landowner-RentCapital-Loanfrombank-Inter estLab our-Workingascabinetmaker-Wages/salaryEn trepreneurialtalent-Owner/manager-Pro tACTIVITY3:Marketforconsumergo o dsClassi cationofpro ductsinmarketforconsumergo o o ds, ,furniture,equipment,etc.

8 (long-termuse) o ds, en,p encil, o ds, o ds,fuel,etc.(once-onlyuse) , , :ServicesprovidedbythestateClassi cationofservicesprovidedbythestate Ensuringsecurity:SAPS,SANDF,Correctional Services. Ensuringso cialservices:Hospitals,p ensions,scho ols, :Legislationwithregardtolab our,p ollution, ,SARS, ,SABS,etc Supplieseconomicinfrastructure:Electrici ty,roads,tra ccontrol, ccursolelywithinitsb ,withpresent-daytechnologicaldevelopment sinthe eldofcommunicationandtransp ort,aswellastheb ene tsthatarisefromtheuseoflarge-scalepro duction,we ndthatpro ductmarketsareexploitednotonlydomestical ly, 'sexp orttradeincoalandotherminerals,aswellasa griculturalpro ductssuchaswine,sugarandwo ol,andalsotheimp ortsoftechnologicalpro ductsandmachinerythatareimp < >.

9 AvailableforfreeatConnexions< > ,ismainlytosatisfytheneedsofthecitizenso fthecountrymoree ,acountrycanreachastagewhereitisnolonger dep endentsolelyonitsownresources/pro duction,butwhereitcanalsoutiliseothercou ntries'pro ,forexample,thatweinSouthAfricacannowimp ortsophisticatedcomputers, etweencountrieshastwocomp onents,namely: The owofgo o dsandservicesthataredispatchedandreceive d(alsoknownasinternationaltrade);and Themutualpaymentforthesego o dsandservicesinthemonetaryunitofeachcoun try(alsoknownascurrencytransactions). Internationaltradetakesplaceb ecause: certaincountrieshaveanexcessofcertainres ources;forinstance,SouthAfricahasanabund anceofgoldandothermineralsthatcanb eexp orted,whiletherearenonaturaloilresources ; ductsthatcannotb ecultivatedhere,andthathavetob eimp orted,forexampleco ee; theleveloftechnologicaldevelopmentvaries ;forinstance,theJapanesearerenownedforth eirexp ertiseincomputertechnology; transp ,fresh owersfromSouthAfricaaresuppliedtomarkets throughoutEurop eonadailybasis.

10 :Drawyourownversionoftheeconomiccycle(th atincludestheforeignsector)sothatb oththepartici-pantsandthe :Refertothereasonsforforeigntradesupplie db elow, :continuedonnextpageAvailableforfreeatCo nnexions< > ,namelythego o dsstreamandthemonetarystream,asexplained ab closed ,butthatithasb ecomemore op en ,b ecauseimp ortsandexp ortshavecaused more go o dsandmoneyto owinto/ :Makealistofgo o dsthatareexp ortedfromandimp ,asfarasp ossible,wherethego o dsareexp ortedtoandfromwherethesego o dsareimp :Namethemonetaryunitofeachcountrythathas b eenlistedinthetableb elow:AvailableforfreeatConnexions< > :OneveryWednesdayforatleasteightweeks,in dicatewhattheexchangerateisb etweentheSouthAfricanRandandthefollowing monetaryunits:(Dividetheclassintofourgro upsforthispurp ose.)