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SELF:
Classify, with relevant examples, the different activities of the industries / business enterprises.
1.
2.
3.
4.
Activity 2: PRODUCTION FACTORS
GROUP:
Picture a household / family in which all the factors of production are present. Explain the role of each member to show how he / she participates in the production process. The members of each group must explain their examples to the rest of the class and also describe them fully.
Therefore the economic cycle could be presented as follows in its simplest form:
PRODUCERS / BUSINESS ENTERPRISES
On analysing the cycle, one can see very clearly that there are TWO streams, namely a MONEY STREAM and a GOODS STREAM. These two streams flow in opposite directions and will be equal in a “closed” economy. The reason for this is simply that the businesses cannot spend more than what they have received as “income”. Note that their “income” is equal to the value of the goods and services that they have produced and sold on the markets for consumer goods. On the other hand the households can also spend only the “money” that they have received as compensation for the services of their production factors.
Learning Outcomes (LUs)
LO 1
the economic cycle
The learner will be able to demonstrate knowledge and understanding of the economic cycle within the context of “the economic problem.”
Assessment Standards(ASs)
We know this when the learner:
1.5 explains the different flows of money, factors of production, goods and services in the economic cycle within the South African economy;
1.6 discusses the role of the foreign sector in the economic cycle;
1.7 illustrates by means of a graph and discusses how demand and supply influence prices;
1.8 critically assesses the influence and actions (strikes and stayaways) of trade unions in
general and during the apartheid era on:
1.9 discusses the effect of the national budget on the economy (e.g. taxation and expenditure on education, social welfare, health and security.)
ACTIVITY 1: Production activities
SELF:
Activities of industries / business enterprises
primary industries, e.g. agriculture, stock farming, forestry, mining, fisheries, etc.
Secondary industries, e.g. processing industries involving fish factories, abattoirs, etc.
Tertiary industries, e.g. distributing industries involving transport, shops, cafes, etc.
Service industries, e.g. doctors, lawyers, hairdressers, etc.
ACTIVITY2: Factors of production
GROUP:
Family representing all the factors of production (example)
| Father: | Farmer and landowner(primary industry) |
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| Mother: | Doctor in private practice(service industry) |
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| Son: | Cabinet maker(secondary industry) |
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| Daughter: | Owner, cash loans bank(tertiary industry) |
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