Additional mid-year examination MEMORANDUM


Mid-year exam paper (75 MARKS) SECTION A


Question 1: multiple choice 1.1 D – üüShelter and money 1.2 B – üüinformal 1.3 C – üüInsurance brokers, bankers, accountants and hairdressers 1.4 A – üüprimary 1.5 C – üüAnalyse and research the economy


Question 2: Complete sentences 2.1 capital 2.2 cheque 2.3 formal 2.4 tax 2.5 profits 2.6 service


SECTION B


Question 3 3.1 Money or a form of exchange started with shells. üü This was not suitable and eventually coins were introduced üü and these had small emblems on them to indicate the different values. üü After paper money was introduced credit cards soon followed. üü This meant that people could purchase goods and services without carrying cash. üü Electronic banking has become very popular as people can do financial transactions at any time of the day. üü


(5 × 2) [10]


(6 × 2) [12]


(12)


3.2 Money plays a large role in the life of a young businessman. üü He needs money to start his business, ü pay accounts, ü purchase goods and services. üü (max 4) 3.3 Banking services, entertainment, plumbing, electricity, postal services. 3.4 Natural goods


(any 4)


Manufactured goods Utility goods Luxury goods Consumable goods Durable goods Capital goods


SECTION C


Question 4: 4.1 He will have control over his spending. üü


He will be able to ask for discount for paying cash for large items. üü He can achieve his financial goals with savings he has made. üü


102 Section E: Resources for teaching EMS 9780199052050_OS_Economics_7_TG_CAPS2017.indb 102 11/29/17 9:02 AM (6)


(any five) [25]


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