Examination preparation


Revision of the year’s work Revision of Term 1


The economy Unit 1 History of money  Traditional societies are small communities that have simple, basic needs.


 Traditional societies bartered for goods and services. Bartering is the exchange of goods and services without using money.


 A promissory note is a written promise to pay for goods and services.


 The first coins were made of valuable metals. The first notes were used by the Chinese. Coins and notes of a country are called its currency.


 Electronic banking is the use of electronic means to transfer funds.


 Money has many different functions: unit of value, means of payment, motivates us to work, and encourages saving.


The economy Unit 2 Needs and wants  Individuals, families, communities and countries all have various needs. Individuals need food and water, shelter, clothing; families have social, emotional, spiritual and intellectual needs; communities need housing, healthcare facilities, education, water and sanitation services; countries need natural resources, land, a well-trained labour force and a stable government.


 Primary needs are needs that are essential for survival. Secondary needs are wants – things that we would like to have.


 Our wants are unlimited.  Limited resources: there are fixed amounts of raw materials, labour, money, land and work opportunities.


The economy Unit 3 Goods and services  Goods are products that you can see and touch. Services are actions that businesses perform for you.


 Producers are people and businesses that make goods and offer services.


 Consumers are individuals and businesses that buy goods and services.


 Households are producers and consumers: they provide the workforce and need goods and services.


 Goods and services must be used efficiently and effectively to conserve resources. We can do this by reusing and recycling.


Entrepreneurship Unit 4 Businesses  A formal business keeps normal hours and pays regular wages and tax. An informal business is the opposite.


 Some types of businesses can operate in the formal or informal sector, for example a car wash.


 Businesses are producers and consumers.  Natural disasters and health epidemics can cause hardship and financial loss for businesses.


Revision of Term 2


Financial literacy Unit 1 Accounting concepts  The start-up money for a business is called capital.


 Everything that belongs to a business is called its assets, for example land, buildings, equipment, money in the bank, a car and so on.


 Liabilities are the debts that a business or person has to pay, for example a bank loan or an overdraft.


Examination preparation 143


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