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Economic and management sciences

Grade 6

The economic cycle

Module 1

From birth to death, every person forms part of a country’s economic cycle. At birth everybody starts as a dependant and becomes dependent again when they grow old, but for the biggest part of our lives we are prepared to be able to make a contribution to the growth and stability of the country’s economy. You will now be taken through the cycle step by step and it is hoped that you will understand very clearly what your specific role in South Africa’s economy is and will be.

At home

This is the phase in which you have been since birth. It is definitely the best and most carefree phase of all, but also the phase that everybody wants to pass the quickest. We cannot wait to earn our first salaries and spend the money!

During this phase you are a LEARNER. From the moment you make your first sound, everybody wants to teach you the whole time. When you are not reacting to deliberate instructions, you are unconsciously following others’ example. As you become older, you develop a strong will of your own and often make mistakes in an effort to prove that your own way of doing things is BETTER than the prescribed and tested way.

During this phase of your life you are mainly a consumer and do not really make a positive contribution to the country’s economy. However, there are some entrepreneurs who manage to generate funds quite successfully at an early age.

The student

This is the phase that usually starts just after your formal school education. This is when you are prepared for the world of work or labour market. You are prepared to start your career. Sometimes you study full time, but often you are trained while you are in the practical situation – when you are already busy with the work that you want to do. You mainly remain a consumer and mostly contribute to the economic cycle only through part-time income.

Many people know from a very young age exactly what career they want to follow one day. Others only discover their true talents after they have been exposed to the practical situation. The training processes for careers also differ drastically. For some careers you have to follow a theoretical course for a number of years, while others are a combination of practical training and theoretical work.

Then there are persons who, with the exceptional talents they have received, decide to start their own businesses in a specific field. Mrs X, for example, is very good at sewing and she makes the most beautiful clothes for children, which she sells at flea markets, while Mr Y learnt from his father how a car engine works, and has become a very successful mechanic.

The labour market

This is the phase to which most young people look forward a lot. Now you can do what you want with the money you earn. Now you do not have to depend on your parents any longer. Your own car, your first flat, carefree times…

The responsibility of a budget that has to balance, however, jerks most people back to reality. It is hard work and your salary does not go nearly as far as you thought it would. Together with this you have the responsibility of a career. If you want to progress in your career, you have to work long hours.

Questions & Answers

Application of nanotechnology in medicine
what is variations in raman spectra for nanomaterials
Jyoti Reply
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
yes that's correct
I think
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
How we are making nano material?
what is a peer
What is meant by 'nano scale'?
What is STMs full form?
scanning tunneling microscope
how nano science is used for hydrophobicity
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
what is differents between GO and RGO?
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
analytical skills graphene is prepared to kill any type viruses .
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
The nanotechnology is as new science, to scale nanometric
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
what school?
biomolecules are e building blocks of every organics and inorganic materials.
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
sciencedirect big data base
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, Economic and management sciences grade 6. OpenStax CNX. Sep 08, 2009 Download for free at http://cnx.org/content/col11013/1.1
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