South Africa Grade 11 Economics Syllabus

This syllabus outlines the curriculum for Economics in Grade 11, covering key economic concepts, principles, and skills. The curriculum is divided into four terms, each focusing on specific themes and building upon the knowledge acquired in previous terms. The curriculum emphasizes the development of critical thinking, analytical skills, and the ability to apply economic principles to real-world situations.

Term 1: Foundations of Economics

• Factors of Production and Remuneration: This topic explores the different factors of production (land, labor, capital, and entrepreneurship), their characteristics, importance, and the rewards they receive (rent, wages, interest, and profit). It also examines community participation in local economic planning and activities, as well as the accessibility of marginalized groups to economic opportunities, including empowerment and procurement initiatives.
• Circular Flow and Quantitative Elements: This section introduces the circular flow model, illustrating the interactions between households, businesses, the public sector, and the foreign sector. It covers key macroeconomic aggregates like Gross Value Added (GVA), Gross National Expenditure (GNE), Gross National Income (GNI), and their components, including final consumption expenditure, government expenditure, and gross fixed capital formation. The importance of these aggregates in understanding the economy is also emphasized.
• Economic Systems: This topic examines different economic systems, including free market (capitalism), centrally planned (socialism/command/communism), and mixed economies. South Africa's mixed economy is used as a case study, exploring its characteristics, advantages, and disadvantages, and assessing its efficiency in delivering socio-economic services.
• South Africa's Economic Structures: This section analyzes the structure of the South African economy, focusing on the primary, secondary, and tertiary sectors, their composition, and importance. It also covers South Africa's infrastructure, including communication, transport, and energy, and examines issues of exclusion and discrimination in service provision and access to economic opportunity.

Term 2: Market Dynamics and Economic Growth

• Dynamics of Markets: Relationships Between Markets: This topic explores the relationships between different markets, including the concepts of relative prices, substitutes, and complements. It also examines the relationships between product and factor markets and introduces different market structures, including perfect and imperfect markets, and their characteristics.
• Dynamics of Markets: Effects of Costs and Revenue: This section focuses on the effects of costs and revenue on prices and production levels. It covers short-run and long-run costs, revenue calculations, profit and loss determination, and the objectives of businesses. The application of cost and revenue analysis to production and pricing decisions is also emphasized.
• Dynamics of Markets: Price Elasticity: This topic introduces the concept of price elasticity of demand and supply, including how to calculate and interpret elasticity values. It also covers the factors that influence elasticity and the different types of elasticity, such as income elasticity and cross elasticity of demand.
• Economic Growth and Development: Economic Growth: This section introduces the concept of economic growth, its meaning, importance, and methods of achieving it. It also explores constraints on economic growth, South Africa's recent growth experience, and the concept of standard of living.

Term 3: Economic Development and Macroeconomic Issues

• Economic Growth and Development: Economic Development: This topic delves into the concept of economic development, exploring different methods of development and the common characteristics of developing countries. It also examines developing strategies, South Africa's development endeavors, and the role of indigenous knowledge systems.
• Economic Issues of the Day: Poverty: This section analyzes poverty, including absolute and relative poverty, how poverty is measured, its causes and effects, and the South African government's measures to alleviate poverty.
• Money and Banking: This topic covers the composition of South Africa's money supply and its banking system. It includes the functions of money, modern money and money-associated instruments, the monetary system, the value of money, and how it is stabilized. It also explores the principles of credit creation, interest rates, micro-lending activities, and the role of central banking, including its functions and monetary policy.
• Economic Growth and Development: South Africa's Economic Importance in Africa: This section examines South Africa's role and relative economic importance in Africa, comparing economic and social indicators with other African countries and exploring economic integration and cooperation initiatives.

Term 4: Globalisation and Environmental Sustainability

• Globalisation: This topic explores globalization, its causes, consequences, and relevance to the North/South divide. It also examines the positive and negative effects of globalization on South Africa.
• Environmental Deterioration: This section analyzes environmental issues, including the problems facing the environment, measures to ensure environmental sustainability, and recent international agreements on environmental protection.

Throughout the year, the curriculum integrates discussions of current economic issues, quantitative elements of economics, and other essential skills, such as citizenship and life skills. Learners are also encouraged to participate in subject-related competitions and other practical activities.