Economics

Economics is the study of how individuals, businesses, governments and other organisations within our society choose to use scarce resources to satisfy their numerous needs and wants in a manner that is efficient, equitable and sustainable.

Economics learners will be able to:

1. Use resources efficiently to satisfy the competing needs and wants of individuals and of society

2. Understand the concept of monetary and real flows in an open economy within the confines of production, consumption and exchange

3. Develop skills to apply demand and supply, and cost and revenue analyses to explain prices and production levels

4. Understand reconstruction, growth and development, as well as a critical approach to initiatives for a fair distribution of income and wealth, human rights, and responsibilities

5. Acquire an advanced Economics vocabulary that will allow them to debate and communicate the essentials of the subject

6. Apply, in a responsible and accountable manner, principles that underlie basic economic processes and practices

7. Explore a variety of methods and strategies to analyse and explain the dynamics of markets

8. Collect, analyse and interpret production, consumption, and exchange data as well as other information in order to solve problems and make informed decisions

9. Understand human rights concerns, reflect on the wealth creation process, and engage in poverty alleviation

10. Analyse and assess the impact of local and global institutions on the South African economy

11. Explain economic events and forecast their consequences or predict likely future outcomes

Grade 10

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Term 1:

• Introduction to economics:

• Basic concepts

• Basic economic problem

• Circular flow

• Quantitative elements: production and income

• Business cycles

Term 2:

• Dynamics of markets

• Production possibility curve

• Public sector intervention

Term 3:

• Economic growth, development and globalisation

• South African economic growth and development - historical context

• History of money & banking

• Population & labour force

Term 4:

• Economic issues of the day: unemployment

• Labor relations

• Economic redress

Grade 11

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Term 1:

• Factors of production and its remuneration

• Economic goods & services

• Economic systems

• South Africa’s economic structures

Term 2:

• Relationships between markets

• Effects of cost & revenue on price and quantities

• Price elasticity

• Economic growth

Term 3:

• Economic development

• Poverty

• Money & banking

• Economic growth and development: South Africa’s role and economic importance in Africa

Term 4:

• Globalization

• Environmental deterioration

Grade 12

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Term 1:

• Circular flow

• Business cycles

• Public sector

• Foreign exchange markets

Term 2:

• Protectionism and Free Trade

• Perfect markets

• Imperfect markets

• Market failures

Term 3:

• Growth & development

• Industrial development policies

• Economic concepts and social performance indicators

• Inflation

• Tourism

• Environmental sustainability

Term 4:

• Revision