Economic and Management Sciences

The subject Economic and Management Sciences deals with the efficient and effective use of different types of private, public or collective resources to satisfy people’s needs and wants. It reflects critically on the impact of resource exploitation on the environment and on people. It also deals with effective management of scarce resources in order to maximise profit.

Economic and Management Sciences is a practical subject that equips learners with real-life skills for personal development and the development of the community. The tasks set should contribute to personal development and should promote the idea of sustainable economic growth and the development of the community.

Learners will be able to:

1. The needs and wants of different communities in societies

2. The nature, processes and production of goods and services, and business activities within the different sectors

3. Financial management, accounting as a tool for management of a business, and record keeping

4. The influence of demand and supply, and pricing

5. The flow of money, goods and services between households, business and government, and the rights and responsibilities of the different role players in the economy

6. The way in which to achieve sustainable growth, reduce poverty and distribute wealth fairly, while still pursuing profitability

7. Entrepreneurial skills and knowledge needed to manage self and the environment effectively

8. Basic aspects of leadership and management

9. The role of savings in sustainable economic growth and development

10. Trade unions and their influence in the economy

11. The importance of using resources sustainably, effectively and efficiently

12. Functioning of both formal and informal businesses

Grade 7

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Term 1:

• The history of money

• Needs and wants

• Goods and services

• Businesses

Term 2:

• Accounting concepts

• Income and expenses

• Budgets

Term 3:

• The entrepreneur

• Starting a business

• Entrepreneur’s Day

• Inequality and poverty

Term 4:

• The production process

• Savings

• Revision

Grade 8

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Term 1:

• Government

• National budget

• Standard of living

• Accounting concepts

• Source documents

Term 2:

• Overview of the accounting cycle

• Cash Receipts Journal (services)

• Factors of production

• Markets

Term 3:

• Cash Receipts Journal (services)

• Cash Payments Journal (services)

• Forms of ownership

Term 4:

• Levels and functions of management

• General Ledger and trial balance (services)

• Revision

Grade 9

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Term 1:

• Cash Receipts Journal and Cash Payments Journal (sole trader)

• Economic systems

• General Ledger and trial balance (sole trader)

• The circular flow

Term 2:

• Credit transactions – debtors

• Price theory

• Sectors of the economy

Term 3:

• Trade unions

• Credit transactions – debtors

• Credit transactions – creditors

• Functions of a business

Term 4:

• Transactions – cash and credit

• Business plan

• Revision