Economic and Management Sciences Grade 9 - CNX

[Pages:152]Economic and Management Sciences Grade 9

By: Siyavula Uploaders

Economic and Management Sciences Grade 9

By: Siyavula Uploaders

Online: < >

CONNEXIONS

Rice University, Houston, Texas

This selection and arrangement of content as a collection is copyrighted by Siyavula Uploaders. It is licensed under the Creative Commons Attribution 3.0 license (). Collection structure revised: September 15, 2009 PDF generated: October 29, 2012 For copyright and attribution information for the modules contained in this collection, see p. 144.

Table of Contents

1 Term 1

1.1 1.2 1.3 1.4 1.5 1.6 1.7

The ow of money, production factors and goods (revised) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Explaining business enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 The economic cycle and markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 The foreign sector in the economic cycle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Price-xing through supply and demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 The inuence of trade unions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 The national budget, growth and economical equalities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

2 Term 2 2.1 Reconstruction and development programme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 2.2 Regional and international agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 2.3 Savings and investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 2.4 Productivity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

3 Term 3 3.1 An idea for an enterprise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 3.2 Develop a business plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 3.3 Ownership of a business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

4 Term 4 4.1 Dierence between an income statement and a balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 4.2 Social and environmental responsibilities of businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 4.3 Recording cash transactions of service and commercial enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . 62 4.4 Recording credit transactions of commercial and service enterprises . . . . . . . . . . . . . . . . . . . . . . . . . 77 4.5 Recording payments received from debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 4.6 Recording payments to creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 4.7 Ledger entries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 4.8 Transferring the auxiliary journals to the ledger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 4.9 Drawing up a trial balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 4.10 Analysing nancial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 4.11 Forms of credit purchases and methods of payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141

Attributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144

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Chapter 1

Term 1

1.1 The ow of money, production factors and goods (revised)1

1.1.1 ECONOMIC AND MANAGEMENT SCIENCES 1.1.2 Grade 9 1.1.3 THE ECONOMIC CYCLE 1.1.4 Module 1 1.1.5 THE FLOW OF MONEY, PRODUCTION FACTORS AND GOODS 1.1.5.1 ASSESSMENT STANDARD 1.1: 1.1.5.2 THE FLOW OF MONEY, PRODUCTION FACTORS AND GOODS

ON COMPLETING THIS SECTION YOU WILL BE ABLE TO DESCRIBE THE FLOW OF MONEY, PRODUCTION FACTORS AND GOODS AND SERVICES IN THE ECONOMIC CYCLE OF THE SOUTH AFRICAN ECONOMY.

In order for us to understand the economic cycle, we need to analyse the participants in the economy, who are naturally also the participants in the cycle:

The rst participants are the CONSUMERS or the HOUSEHOLDS. Consumers have certain NEEDS that have to be met in order for them to survive, namely the need for FOOD, CLOTHING, HOUSING and SAFETY. In order to satisfy these basic needs, the consumers or households will have to use or apply their means or FACTORS OF PRODUCTION. In other words, they must use / apply their LABOUR, CAPITAL, LAND and ENTREPRENEURIAL TALENT in order to produce the necessary products. Activity 1: HUMAN NEEDS SELF: Make a list of human needs and give good examples in each case. (Hint: Start o by making a list of your own needs.) 1. 2. 3. 4. 5. Activity 2: HUMAN NEEDS 1 This content is available online at .

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CHAPTER 1. TERM 1

GROUP: Which of the previously mentioned needs are the most compelling ones? 1. 2. 3. 4. 5. The consumers will thus have to sell their factor of production to the second participant in the cycle, the PRODUCER or the BUSINESS ENTERPRISE, who will then organise and arrange to produce products that will meet the needs of the consumers. The producer will remunerate the consumer for the use of his / her factors of production (in the following way):

? A WAGE is paid for the use of LABOUR; ? INTEREST is paid for the use of CAPITAL; ? RENT is paid for the use of LAND; and ? The consumer is paid a share of the prot for the use of his / her ENTREPRENEURIAL TALENT. ? This compensation is used by the consumer to purchase products from the producer (his supply of

goods and services) in order to satisfy his needs.

1.1.6 Assessment Learning Outcomes (LUs)

LO 1 the economic cycle

The learner will be able to demonstrate knowledge and understanding of the economic cycle within the context of the economic problem.

Assessment Standards(ASs)

We know this when the learner: 1.5 explains the dierent ows of money, factors of production, goods and services in the economic cycle within the South African economy; 1.6 discusses the role of the foreign sector in the economic cycle; 1.7 illustrates by means of a graph and discusses how demand and supply inuence prices; 1.8 critically assesses the inuence and actions (strikes and stayaways) of trade unions in general and during the apartheid era on:

? the South African economy;

? political, economic and social transformation;

? labour issues;

1.9 discusses the eect of the national budget on the economy (e.g. taxation and expenditure on education, social welfare, health and security.)

1.1.7 Memorandum

ACTIVITY 1: Human needs SELF: A list of the needs of people: Food, clothing, housing, protection, recreation, music, love, power, etc. ACTIVITY 2: Human needs

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