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Economic and management sciences

Grade 7

Economic policy direction (1910 – 1994)

Module 13

Restoring socio-economic imbalances

1. Economic growth

In a developed economy most of the citizens make a contribution of some kind. In South Africa many citizens do not form part of the working fraternity. People can only join the work force if they possess a certain degree of knowledge and skills. Inhabitants who form part of a working fraternity earn more money and the general standard of living in such families is higher. A low family income is often the reason why a large percentage of school leavers have to forgo suitable training and the acquisition of the necessary skills.

It will require a lot of planning and dedication on the part of all role-players to create opportunities for as many people as possible to contribute to South Africa’s economic growth. Entrepreneurship should be encouraged, labour must be focussed and productive, and labourers must be properly schooled. Even if the government passes laws to provide the necessary structures, only the inhabitants of the country themselves can really make the economy grow.

2. Ubuntu

Everybody must become involved and greed must be replaced with feelings of human fellowship. Growth is possible only where there is a spirit of unselfishness. South Africa needs Ubuntu.

UBUNTUCase Study: Joseph’s Story

Joseph was born in Transkei 30 years ago, as the fifth child in a family of eight. His father worked in a clothing factory and his mother stayed at home to care for the children. At the age of 22 Joseph decided to join his father in the big city and find a job. This would enable him to contribute to the family’s income and raise their standard of living. Just outside Cape Town Joseph and his wife moved into a wooden shack in another family’s back-yard. It was small and there was no privacy. In winter-time it was flooded, but Joseph would not give up and kept looking for a job.

One day, while walking along a main road, he came across a motorist who was having trouble with his car. As a child Joseph acquired some mechanical knowledge by watching while his uncle serviced other people’s cars to earn a living. He offered his help and it was not long before the motorist, Mr. Wall, could move on, but not before he had noted down Joseph’s particulars.

At a time when Joseph was getting rather despondent and thought that he would never find a job in the city, he received a call from Mr. Wall. His steel firm in Somerset West was opening a branch in Durbanville and Mr. Wall was looking for a handyman who could monitor and manage all the maintenance in the factory. He was so impressed by Joseph’s helpfulness and mechanical expertise that he invited him to come for an interview.

Before long Joseph was receiving in service-training. He was sent for a driver’s licence so that he would also be able to do deliveries. The steel firm benefited from Joseph’s excellent and reliable services, and Joseph enjoyed some very good perks.

Early one morning, after only three months in his first job, Joseph was struck down in a taxi cross-fire. He was severely injured and had to spend four months in hospital until the reconstructive surgery was completed. Mr. Wall’s steel firm, knowing all about Josephs qualities, in the meantime employed Joseph’s wife to help the family survive. Since then Joseph has been back at work on a full-time basis, although Mr. Wall had to make certain amendments to his job description, for due to his injury he was no longer allowed to lift heavy objects. Mr. Wall also started training Thandi, his wife, to help with administrative tasks.

Questions & Answers

how environment affect demand and supply of commodity ?
Amos Reply
Wht at the criteria for market ?
what is difference between monitory policy and fiscal policy?
Malik Reply
monetary policy is a policy thrust by National Govt(CBN) to influence government spending, purchase &taxes
necessity of economics
Pamela Reply
I will say want,choice,opportunity cost,scarcity,scale of preference
what is monopoly market.How price output are determined under monopoly market
b) Monopoly market is an impecfect market where s single firm having the innovation to produce a particular commodity.Prices are determined through output since there are no other competitive.
Monopoly market:firm has market power & does not respond to market price
Explain the process of price determination under perfect competition market with suitable diagram
bisham Reply
Price determination under perfect competition via this process :firms have no market power to influence price rather firms respond to market price.
price is different from demand- demand is amount of commodity
Effah Reply
demand is amount /quantity of commodity a potential buyer is willing to buy at a given price at market
demand is a desire of customer on commodity with the ability to pay it and willing to buy it at given price of commodity
demand is price of what
Faith Reply
show that shortrun average cost
Baby Reply
what is economics
Mbah Reply
what is money
what is money
Difine macro economics
money is a medium of exchange between goods and services,maybe inform of currency.
Economics is study of how human beings strive to satisfy numerous wants using limited available resources.
how do you find the maximum number of workers the firms should employ order to produce where there are increasing returns
what are implications of computing national income?.
what is the formulae for calculating national income
it calculated by value added method
classify the production units like agriculture, banking, transport etc
money is anything that is generally acceptetable for human
Estimate the net value added(NVA) at fixed cost by each industrial structure
definition of unemployment
Adam Reply
what are the causes of unemployment?
Mbubi Reply
The main causes of unemployment are listed below. 1. Frictional unemployment 2. Cyclical unemployment 3. Structural unemployment
We can also categorize the causes on a broader sense as: 1. Political and 2. Social cause As unemployeement root causes are embaded in this two.
would opportunity cost exist if there was no scarcity?
yes just because the opportunity cost arose when there is Alternative to choose among the alternatives.
I am thinking that, if our resources were unlimited, then there wouldn't be any need to forgo some wants. Hence the inexistence if opportunity cost
politics has done what?
consider time assani
I'm Emmanuel,...I taught the main cause is the change in gov't.
...Lack of capital to set up a firm respectively
I would like to bring in Educational levels can also be the cause the cause of the problem respectively
lack of skills among the new generation is the serious issue.
Where I come from , I don't see why education or personal aspects seem to do with unimployment, technically the motivation and eigerness in all works of live is there , dispite the cultural influence and physical bearriors;the thing we lacking is Government Support and open market ethics.
sorry about that-(repation). We have a over powering ethical political system that's displacing the marketing asspects of economy and causing large scale unemployment right across the board...
can someone Explain Expansionary Monetary Policy and Contractionary Monetary Policy Using one of the instrument of Monetary Policy? Please am kinda lost here?. ta
Emmanuel Reply
using a graph show the case of substitute and compliment goods
Ade Reply
can anyone give me a simple explanation to Five Sector Macroeconomics?
Can someone please define what economics is
jason Reply
economics simply is a social science subject that study human behavior.
economics is a social science which studies human behaviour as a relationship between ends and scarce means that has alternative uses
Can someone please tell me how to calculate GDP
emmanual kapal to calculate GDP (Gross Domestic Product) has three method in calculating it (1)income approach (2) expenditure approach (3) value added method
thanks Alae
u are welcome
in basic terms economics is revered to as battery system, it date back to when Men sees the need to exchange sapless goods and produce to gain , either wealth , basic necessities or to establish trading ties for personal benefit or social asspects in terms of coexistence and continuity, future .
what is the law of demand
Berlinda Reply
keep other thing constant, when the price increases demand decrease when the price decreases demand increases of the commodity.
all things being equal,quantity demanded decrease as price increase and increase as price decrease
there's practial joke to it ..." the higher the demand ; scarcity, increase in production and drop in quality"... quite the controversy - for example China vs Europe, United States and we are all boxed up in between somewhere...
Other thing remain constant the low price of commodity the high quantity of commodity and vice versa is true
Explain Effective demand
Anita Reply
What is effective demand
like Modi is in demand...best example of effective demand
Don't get you
Anita you mean you don't get me or who?
level of demand that represents a real intention to purchase by people with the means to pay
Difference between extinct and extici spicies
Amanpreet Reply
Researchers demonstrated that the hippocampus functions in memory processing by creating lesions in the hippocampi of rats, which resulted in ________.
Mapo Reply
The formulation of new memories is sometimes called ________, and the process of bringing up old memories is called ________.
Mapo Reply
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Source:  OpenStax, Economic and management sciences grade 7. OpenStax CNX. Sep 10, 2009 Download for free at http://cnx.org/content/col11025/1.1
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