Term 2: Exemplar mid-year examination memorandum SECTION A
Question 1 1.1 C – land, buildings, bank, trading stock 1.2 D – salary 1.3 A – spaza, hawker, market gardener 1.4 E – electricity, stationery, telephone 1.5 B – makes democratic decisions
Question 2 2.1 A – education, recreation, entertainment 2.2 C – formal 2.3 B – converts raw materials into finished products 2.4 B – profit 2.5 D – wage
Question 3 3.1 secondary 3.2 current 3.3 negotiating 3.4 capital 3.5 net
SECTION B: Economy
Question 4 4.1 Food ü, water ü, shelter ü, clothing ü, recreation ü
• It is a means of payment which takes away the need to barter. üü • It maintains a healthy economy as it motivates people to work and be productive in order to be able to buy goods and services. üü
• It encourages saving, which increases purchasing power for future use. üü (8)
4.3 Use discretion. Learner must indicate it is a household (1), and give an example or explanation of producer (2) and consumer (2). 4.3.1 A household can be a producer because they supply labour to business and also produce food for their own consumption.üü E.g. workers for local business and factoriesüü
(5)
4.2 Money has an important role: • It is a unit of value so that it is easier and quicker for consumers to buy goods and services. üü
(5 × 2) [10]
(5 × 2) [10]
(5 × 2) [10]
(4)
Unit 3: Budgets
9780199052050_OS_Economics_7_TG_CAPS2017.indb 61
61 11/29/17 9:02 AM
TERM 2
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