South Africa Grade 7 Economic Management Sciences

This course equips learners with entrepreneurial skills, financial knowledge, and real-life skills for personal development. It covers three main learning areas:

• The Economy:
• Term 1: History of money, needs and wants, goods and services, and inequality and poverty.
• Term 2: Revision of Term 1 work and an overview of Term 2.
• Term 4: Definition of production; inputs and outputs; sustainable use of resources; the meaning of economic growth; the meaning of productivity; technology in the production process; the contribution of technology to improving productivity and economic growth.
• Financial Literacy:
• Term 2: Capital, assets, liabilities, income, expenses, profit, loss, budgets, savings, banking, financial records, and transactions. Personal income, personal expenses, types of personal income, personal statement of net worth, types of income that businesses receive, types of expenses that businesses have, savings, and investments in businesses. Definition of a budget; income; expenditure; a personal budget; and a business budget.
• Term 4: Personal savings, the purpose of savings, the role of banks, services offered by banks, opening a savings account at a bank, community savings schemes, financial organizations, and financial institutions and organizations promoting entrepreneurship.
• Entrepreneurship:
• Term 3: Formal and informal businesses, types of businesses (trading, manufacturing, and service), advantages and disadvantages of formal and informal businesses, the role of formal and informal businesses as producers and consumers, and the effect of natural disasters and health epidemics on formal and informal businesses. Definition of an entrepreneur, characteristics of an entrepreneur, skills of an entrepreneur, and entrepreneurial actions of buying, selling, producing, and making a profit. Needs and wants of consumers, analysis of strengths, weaknesses, opportunities, and threats (SWOT), setting goals, achieving goals, the concept of advertising, media used in advertising, principles of advertising, budget for Entrepreneur's Day, use of recycled material, and simple cost calculation - variable cost, fixed cost, and selling price. Hosting of Entrepreneur's Day and an income and expenditure statement.

Assessment:

Formal assessments are conducted throughout the year, including assignments, controlled tests, a mid-year examination, a project, and an end-of-year examination.

The weighting of the final grade is as follows:

• School-Based Assessment (SBA): 40% (Terms 1, 2, and 3)
• Final Examination: 60%