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.
- Lectures 20
- Quizzes 0
- Duration 50 hours
- Skill level All levels
- Language English
- Students 1
- Assessments Yes
- WEEK 1-2 Circular flow – Presentation of the circular flow model as a macroeconomic model deducing and analysing the national account aggregates; derive and apply the multiplier
- WEEK 3-4 Business cycles – Analysis and explanation of business cycles and how they are used in forecasting
- WEEK 5-7 Public sector – Evaluation of the role of the public sector in the economy with special reference to its socio-economic responsibility in the South African context.
- WEEK 8-10 Economic growth and development – Examination of the foreign exchange market, the establishment of exchange rates, and how the balance of payments account is affected.
- WEEK 1-2 Economic systems: Protection and free trade (Globalisation) – Discussion of Protectioism and trade evaluating the South African international trade policies and major protocols in terms of these.
- WEEK 3-4 Dynamics of markets: Perfect markets – Examination of the dynamics of perfect markets with the aid of cost and revenue curves
- WEEK 5-6 Dynamics of markets: imperfect markets – Examination of the dynamics of imperfect markets with the aid of cost and revenue curves.
- WEEK 7 Dynamics of markets: market failures – Explanation of the reasons for and consequences of market failures. Reflect on cost-benefit analysis
- WEEK 8 Revision exercises – Revision of topics covered during the first two terms
- WEEK 1 Economic Growth & Development – Comparison of South African growth and Development policies in terms of international benchmarks; highlight the North/South divide.
- WEEK 2 Economic Growth and Development, Industrial Development Policies – South Africa’s industrial development policies and their suitability in terms of international best practice.
- WEEK 3 Economics Basic Concepts & Quantitative Elements: Economic and social performance indicators – Analysis of the South African economic and social performance indicators and their uses.
- WEEK 4 Economic Issues of the day: Inflation – Analysis and investigation of inflation and the policies used to combat it.
- WEEK 5 Tourism & Economic Redress: (Environmental sustainability) – Debating the economic importance of tourism to South Africa and suggesting policies to promote it. Refer to the importance of indigenous knowledge systems.
- WEEK 6 Basic economic problem: Environmental sustainability – Analysis of environmental sustainability, investigating recent international agreements in this regard
2017 National Senior Certificate Examination Papers, Adendums and Memorandum