TERM 4


expenses that are necessary for running the business.


 The selling price can be fixed by calculating the variable and fixed costs and adding a profit.


Entrepreneurship Unit 3 Entrepreneur’s Day  Hosting an Entrepreneur’s Day involves gathering information and planning.


 It is a good idea to do market research on your product and find interesting ways to present your product.


 An income and expenditure statement helps you to find out if made a profit.


The economy Unit 4 Inequality and poverty  Socio-economic imbalances can be caused by the uneven distribution of social and economic resources such as land, education and health care, as well as unfair laws that control the distribution of these resources.


 The apartheid era in South Africa caused many inequalities that are now being addressed.


 A good education and some job-related skills make it possible to correct economic injustices and to recognise and fix any injustices.


 People in urban and rural areas face different challenges to do with education, housing, wages, public transport systems and so on.


 Profitable and stable businesses create sustainable job opportunities.


Revision of Term 4


The economy Unit 1 The production process  Production involves the manufacture of goods and services that can be used for sale or bartering. It is a process where raw materials are converted into goods.


 Inputs are the resources and labour a business needs to produce its goods or offer a service.


 Outputs are the goods and services that are produced for sale to consumers.


 Renewable resources are sustainable because they can be replaced.


 We can use resources sustainably by using resources that cause less harm to the environment, cutting back on non-renewable resources and using machinery and equipment that use less water and electricity.


 Economic growth is the active growth of the economy. The economy grows when is a low and stable inflation rate and a low level of unemployment.


 Productivity describes how quickly inputs can be turned into outputs for sale. It also describes the capacity of workers to produce goods or services in a given time.


 High levels of productivity increase economic growth because more goods and services are being bought and sold.


 Technology speeds up the production process as machines produce goods more quickly and efficiently.


Financial literacy Unit 2 Savings  Personal savings is the money that an individual saves as opposed to a business.


 We save money for various reasons, for example to meet our needs and wants, to pay for unexpected expenses, education and retirement.


 The first banks started during the Middle Ages.


 Banks provide essential services to individuals and businesses.


 You can open a savings account on your own when you are 16 or older.


 Examples of community savings schemes are stokvels, grocery clubs, funeral services.


 Examples of financial organisations are the South African Reserve Bank (SARB), private sector banks, life insurance, pension and provident funds, short-term insurers.


 Examples of financial institutions and organisations that promote entrepreneurship are the Department of Trade and Industry (dti), The Industrial Development Corporation (IDC), Khula Enterprise Finance Ltd., private sector organisations and Umsobomvu Youth Fund.


Examination preparation 145


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