ECONOMICS Grade 11

What is 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.
The table below indicates the four main topics and corresponding topics in the Economics curriculum.

• 1. Economics: basic concepts
• 2. Basic economic problem
• 3. Circular flow
• 4. Quantitative elements
• 5. Economic systems
• 6. Business cycles microeconomics
• 7. Dynamics of markets
• 8. Public sector intervention and composition of the RSA economy Economic pursuits
• 9. Economic growth and development
• 10. money and banking
• 11. Population and labour force
• 12. Labour market
• 13. Redress since 1994 Contemporary economic issues
• 14. Unemployment
• 15. Labour relations
• 16. Globalisation
• 17. Inflation
• 18. Tourism
• 19. Poverty
• 20. Other economic issues and quantitative elements of economics
  

The purpose of economics

Economics learners will be able to:

• use resources efficiently to satisfy the competing needs and wants of individuals and of society;
• understand the concept of monetary and real flows in an open economy within the confines of production, consumption and exchange;
• develop skills to apply demand and supply, and cost and revenue analyses to explain prices and production levels;
• 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;
• acquire an advanced Economics vocabulary that will allow them to debate and communicate the essentials of the subject;
• apply, in a responsible and accountable manner, principles that underlie basic economic processes and practices;
• explore a variety of methods and strategies to analyse and explain the dynamics of markets;
• collect, analyse and interpret production, consumption, and exchange data as well as other information in order to solve problems and make informed decisions;
• understand human rights concerns, reflect on the wealth creation process, and engage in poverty alleviation;
• analyse and assess the impact of local and global institutions on the South African economy, and
• explain economic events and forecast their consequences or predict likely future outcomes.