Activity Type of activity Case study Activity Case study: The Smith family


Mid-year examination Term 2 Exemplar mid-year examination


Assessment


LB page TG page Assessment tool TG page 73 75


60 Memorandum 60 –


Memorandum 61–62


Term 1 Revision MEMORANDUM


The economy


1 d üü 2 g üü 3 f üü 4 e üü 5 a üü 6 b üü 7 c üü


(14)


2 Unit of value: money has a specific value so makes it easy to buy things; üü medium of payment: üü takes away need to barter; üü maintains a healthy economy: üü motivates us to work and be productive so we can earn money to buy goods and services; üü encourages savings: üü savings create purchasing power – we can save to buy things at a later stage. üü


3 Individuals


Food ü Water ü


Clothing ü Shelter ü


Families Communities Social needs ü Recreational ü


Spiritual needs ü Transport and roads ü Intellectual ü Education ü Cultural ü


Housing ü A sense of belonging ü


Safety and social security ü Electricity ü


(20)


4 Primary needs are essential for our survival.üü They are basic needs such as food and clothing.ü Secondary needs are also known as wants üü – they are things that would be nice to have such as luxury cars, ü expensive holidays, and designer clothing.


Countries


Stable government ü Natural resources ü


Land that can be farmed ü Money for infrastructure ü Trained labour force ü


(max 4)


(6)


5 Needs: Food ü, clothing ü, warmth ü (for example the hot water bottle could be classified as a need and so could the heater); shelter: ü door in the hardware section, stove. Wants: luxury ü food items for example sweets and ice-creams, bicycle ü (although this could be a need if it is used by the child to get to school); weber ü braai, books ü, flat-screen TV ü, lawnmower ü


(10) Unit 4: Businesses 9780199052050_OS_Economics_7_TG_CAPS2017.indb 41 41 11/29/17 9:02 AM


TERM 2


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