4.2.2 Jenny would need to identify the stepsü she has to take to open her own shop, the most important being raising sufficient capitalü. She would need to identify suppliersü of fabric, threads, and other sewing equipment; find suitable premisesü and fit the shop out with shelving and countersü. So Jenny must set goals to meet each of these steps in a logical orderü and within a realistic time frameü. As Jenny meets each of her interim goalsü, she will become even more motivated and confidentü of eventually opening the quilting shop of her dreams.
(any four) [12]
Question 5 5.1 Variable costs relate to the materials in a quilt, which cost: R125,00 + R3,40 + R56,00 + R5,60 + R150,00 = R340,00
(6)
5.2 Individual answers that must be supported by logical reasons. For example: Jenny must charge more than R475,00 per quilt so that she gets rewardedü for investing her capital in her quilt-making business, and for providing others with employment. But she also knows she has stiff competitionü from the many low- priced quilts arriving in the country from overseas, where cheap labour is usedü. In addition, the shops that sell her quilts also need to make a profitü. She could choose to add R75ü to each quilt and sell them for R550 eachü. The shop will probably add another R100 or so to that, and sell the quilts for R650. 20 × R75 = R1 500,00 will be Jenny’s monthly income – not very much! Jenny knows that the average price of imported quilts is between R600 and R750, and that they are not as colourful and pretty as hers. So she could charge a little more and perhaps add a 20% mark-upü to her cost price: R475,00 + 20% = R475,00 + R95,00 = R570ü. The extra R20 will bring her monthly income up to R1 900,00 and won’t make much difference to the consumer selling price.
(8) [14] Total: 50 marks
Additional Term 3 control test
9780199052050_OS_Economics_7_TG_CAPS2017.indb 107
107 11/29/17 9:02 AM
TERM 4
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