6 We always want more than we need üü. We are influenced by shops and advertisements for goods and services üü and with technology there is always something bigger and better to buy üü. Some wants will never be met simply because there are not enough resources üü.
7 Goods are products that you can see and touch üü, such as shoes and food ü. Services are actions that businesses perform for you üü, such as a laundry or garden clearing service. ü
(max 6) (6)
8 Efficient and effective use of goods and services means using them in a sustainable way üü – in a way that reduces how much water and electricity we use and in a way that preserves our limited natural resources. üü
(4) [60] Entrepreneurship
9.1 tertiary ü 9.2 consumer ü 9.3 producers ü 9.4 production ü
10 Formal businesses have normal hours, regular wages and pay income tax üü, for example a supermarket ü or a hairdresser ü. An informal business does not keep regular hours or pay regular wages and does not pay income tax üü, for example a vendor ü or a spaza ü shop. 11 Car wash ü, supermarket ü, hairdresser ü
12 Advantages of a formal business: access to loans ü, access to larger consumer markets ü, attracts better workers ü; advantages of informal business: no establishment costs ü, not registered for income tax ü.
13 All businesses produce something – a good or a service üü. They are consumers because they buy goods and services üü such as office furniture ü and office cleaning services. ü
14 The lady on the right is selling a cake. üü She has an informal business üü. You can tell this because this is obviously a home industry üü – she bakes, sells and delivers her product on her own. üü 15 15.1 Floods, ü droughts ü 15.2 Peril means danger üü
15.3 Their stock could get damaged ü; furniture could get damaged ü; loss of business if roads around them are washed away ü; building could get damaged ü; could go bankrupt if unable to replace stock ü 15.4 Buildings ü, stock ü and private practice ü
15.5 Tsunamis ü, volcanoes ü, earthquakes ü, droughts ü, fires ü, floods ü and epidemics ü (any 4)
15.6 Services ü
16 Skilled workers will have to be given paid time off üü; new workers will have to be trained to temporarily take over üü
(4)
(8) (3)
(4) (4)
(6) (2) (2)
(3) (2)
(4) (1)
(4) [47] Total: 107 marks
42 Term 2: Financial literacy
9780199052050_OS_Economics_7_TG_CAPS2017.indb 42 11/29/17 9:02 AM
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