Gr 8-Economic and Management Sciences-Facilitator's Guide

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ECONOMIC AND MANAGEMENT SCIENCES FACILITATOR’S GUIDE Grade 8

A member of the FUTURELEARN group

Economic and Management Sciences Facilitator’s guide

1808-E-EMS-FG01

Í2(È-E-EMS-FG01ÉÎ

Grade 8

CAPS aligned

S Loots B Pretorius

Facilitator’s Guide G08 ~ Economic and Management Sciences

CONTENTS LESSON ELEMENTS ................................................................................................. 5 TIMETABLE AND TIME MANAGEMENT ................................................................... 7 ASSESSMENT REQUIREMENTS .............................................................................. 8 STUDY TIPS AND METHODS .................................................................................. 12 PREFACE ................................................................................................................. 13 HOW TO USE THE FACILITATOR’S GUIDE ........................................................... 14 YEAR PLAN .............................................................................................................. 15 UNIT 1 ....................................................................................................................... 17 Lesson 1: Revision .................................................................................................... 17 ACTIVITY 1.1 ...................................................................................................... 17 Lesson 2: The Economy – Government .................................................................... 18 ACTIVITY 2.1 ...................................................................................................... 19 ACTIVITY 2.2 ..................................................................................................... 19 Lesson 3: The economy – National Budget ............................................................... 20 ACTIVITY 3.1 ...................................................................................................... 21 ACTIVITY 3.2 ...................................................................................................... 22 Lesson 4: The economy – Standard of living............................................................. 23 ACTIVITY 4.1 ...................................................................................................... 25 ACTIVITY 4.2 ...................................................................................................... 26 ACTIVITY 4.3 ...................................................................................................... 26 ACTIVITY 4.4 ...................................................................................................... 26 ACTIVITY 4.5 ...................................................................................................... 27 ACTIVITY 4.6 ...................................................................................................... 28 Lesson 5: Financial Literacy – Accounting concepts ................................................. 28 ACTIVITY 5.1 ...................................................................................................... 31 ACTIVITY 5.2 ...................................................................................................... 31 ACTIVITY 5.3 ...................................................................................................... 31 ACTIVITY 5.4 ...................................................................................................... 32 ACTIVITY 5.5 ...................................................................................................... 33 ACTIVITY 5.6 ...................................................................................................... 33 ACTIVITY 5.7 ...................................................................................................... 34

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Facilitator’s Guide G08 ~ Economic and Management Sciences

ACTIVITY 5.8 ...................................................................................................... 34 Lesson 6: Financial literacy – Source document ....................................................... 35 ACTIVITY 6.1 ...................................................................................................... 37 ACTIVITY 6.2 ...................................................................................................... 39 ACTIVITY 6.3 ...................................................................................................... 39 ACTIVITY 6.4 ...................................................................................................... 41 EXERCISE 1 ...................................................................................................... 43 UNIT 2 ....................................................................................................................... 46 Lesson 7: Revision .................................................................................................... 46 ACTIVITY 7 ......................................................................................................... 46 Lesson 8: Financial literacy – Revision the accounting cycle .................................... 46 ACTIVITY 8.1 ...................................................................................................... 48 Lesson 9: Financial literacy – Cash Receipt Journal (services) ................................. 48 ACTIVITY 9.1 ...................................................................................................... 51 ACTIVITY 9.2 ...................................................................................................... 52 ACTIVITY 9.3 ...................................................................................................... 53 ACTIVITY 9.4 ...................................................................................................... 54 ACTIVITY 9.5 ...................................................................................................... 57 Lesson 10: Entrepreneurship – Factors of production ............................................... 58 ACTIVITY 10.1 .................................................................................................... 59 ACTIVITY 10.2 .................................................................................................... 59 ACTIVITY 10.3 .................................................................................................... 60 Lesson 11: The economy – Markets.......................................................................... 61 ACTIVITY 11.1 .................................................................................................... 62 EXERCISE 2 ...................................................................................................... 62 Lesson 12: Revision for the June examination .......................................................... 65 UNIT 3 ....................................................................................................................... 68 Lesson 13: Revision .................................................................................................. 68 ACTIVITY 13 ....................................................................................................... 68 Lesson 14: Financial Literacy – Cash Receipt Journal .............................................. 68 ACTIVITY 14.1 .................................................................................................... 69 ACTIVITY 14.2 .................................................................................................... 70 Lesson 15: Financial literacy – Cash payment journal............................................... 71 ACTIVITY 15.1 .................................................................................................... 73 © Impaq

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Facilitator’s Guide G08 ~ Economic and Management Sciences

ACTIVITY 15.2 .................................................................................................... 73 ACTIVITY 15.3 .................................................................................................... 74 ACTIVITY 15.4 .................................................................................................... 76 ACTIVITY 15.5 .................................................................................................... 77 ACTIVITY 15.6 .................................................................................................... 78 ACTIVITY 15.7 .................................................................................................... 80 Lesson 16: Entrepreneurship – Forms of ownership ................................................. 82 ACTIVITY 16.1 .................................................................................................... 83 ACTIVITY 16.2 .................................................................................................... 85 EXERCISE 3 ...................................................................................................... 86 UNIT 4 ..................................................................................................................... 899 Lesson 17: Revision ................................................................................................ 899 ACTIVITY 17 ....................................................................................................... 89 Lesson 18: Entrepreneurship – Levels and functions of management ...................... 89 ACTIVITY 18.1 .................................................................................................... 90 ACTIVITY 18.2 .................................................................................................... 91 Lesson 19: Financial literacy – General Ledger and Trial Balance ............................ 91 ACTIVITY 19.1 .................................................................................................... 93 ACTIVITY 19.2 .................................................................................................... 94 ACTIVITY 19.3 .................................................................................................... 95 ACTIVITY 19.4 .................................................................................................... 96 ACTIVITY 19.5 .................................................................................................... 97 ACTIVITY 19.6 .................................................................................................... 99 ACTIVITY 19.7 .................................................................................................. 101 ACTIVITY 19.8 ................................................................................................ 1033 ACTIVITY 19.9 .................................................................................................. 105 ACTIVITY 19.10 ................................................................................................ 106 ACTIVITY 19.11 ................................................................................................ 107 EXERCISE 4 .................................................................................................... 107 Lesson 20: Examination preparation ....................................................................... 113

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Facilitator’s Guide G08 ~ Economic and Management Sciences

YEAR PLAN UNIT 1

TOPIC

STARTING DATE

1 Revision 2 The economy: Government 3 The economy: National Budget 4 The economy: Standard of living 5 Financial literacy: Accounting concepts 6 Financial literacy: Source documents

2

7 Revision 8 Financial literacy: Accounting cycle 9 Financial literacy: Cash Receipts Journal (service) 10 Entrepreneurship: Factors of production 11 The economy: Markets

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COMPLETION DATE

Facilitator’s Guide G08 ~ Economic and Management Sciences

12 June examination 3

13 Revision 14 Financial literacy: Cash Receipts Journal (service) 15 Financial literacy: Cash Payments Journal (service) 16 Entrepreneurship: Forms of ownership

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17 Revision 18 Entrepreneurship: Levels and functions of management 19 Financial literacy: General Ledger and Trial Balance (service) 20 Examination preparation 21 November examinations

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Facilitator’s Guide G08 ~ Economic and Management Sciences

Unit

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UNIT 1 Lesson 1: Revision At the beginning of each lesson there is a revision section. The purpose of the revision section is to give learners an overview of what was discussed in the previous unit. Specifically in this revision section, it gives learners an overview of what was discussed in Grade 7.

Learners can briefly read though the information in the Study Guide as reminder of what was discussed in the previous unit.

There are ten true or false questions to be completed by learners. Facilitators and learners must not spend a lot of time on the revision sections. Facilitators can verbally ask the questions or learners can write down their answers.

ACTIVITY 1.1: TRUE OR FALSE

1.1.1

True

1.1.2

False

1.1.3

True

1.1.4

True

1.1.5

True

1.1.6

True

1.1.7

False

1.1.8

False

1.1.9

True

1.1.10 True No marks are recorded in this activity it is only for revision purposes.

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Facilitator’s Guide G08 ~ Economic and Management Sciences

Unit

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Lesson 2: The Economy – Government LEARNING AIMS: After learners complete this unit, they should be able to: • Understand the meaning of the government.

• Know the different levels of the government and the roles of the

different levels of government.

• Know the different levels of government in respect of households in the

use of resources and services.

INTRODUCTION It is important that learners complete all the learning aims at the end of each lesson.

Use the definitions to better clarify the content for learners. It is important that the facilitator prepares for the lesson. In this lesson, learners must specifically distinguish between levels and functions of the government.

The definitions are repeated so that the facilitator can explain it to learners.

DEFINE:

•

Democracy: This is a form of government where the leaders and representatives of the country are elected by the population of the country.

•

National election: An event in which the overall leaders and representatives of the country is elected by the citizens.

•

Infrastructure: Physical facilities such as roads, bridges and buildings that the country's economy needs to function and grow.

It also includes services such as electricity, water and sewage services.

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Facilitator’s Guide G08 ~ Economic and Management Sciences

Unit

1

ACTIVITY 2.1 1.1.1 (Learner's own answer.) The learner must write down at least ten relevant questions.

Examples of questions are: •

What are the president’s daily tasks?

•

What is the president’s working hours?

•

How often do the president and his ministers meet?

2.1.2 (Learner’s own answer.) The learner must give a yes or no answer and give any two

Source: www.rnw.nl.com

relevant reasons for his/her answer.

ACTIVITY 2.2

2.2.1. National government, provincial government and local government.

Source: www.mup.vladers.net

2.2.2.

•

Legislative: It deals with the creation and implementation of various laws.

•

Executive: Leading the country and its business.

•

Judicial: Ensure that justice is implemented and upheld.

2.2.3 • •

•

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National government: Responsible for the general management of the country and its citizens.

Provincial government: The country has nine provinces of which each has its own objectives that need to be reached in order to better the province and in turn the country.

Local government: They deal with issues that need to be handled on a local level within towns and cities.

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Facilitator’s Guide G08 ~ Economic and Management Sciences

Unit

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Lesson 3: The economy – National Budget LEARNING AIMS: After learners complete this unit, they should be able to: • Understand the meaning and aim of the National Budget.

• Identify the difference between direct and indirect tax.

• Understand government expenditure.

• Understand the influence of the National Budget on growth and

redressing of economic inequalities.

It is essential that facilitators prepare for this lesson. Good examples of a budget can be shown to learners. Read more about the 2016 budget on the following website: http://www.fin24.com/budget The definitions are repeated so that the facilitator can explain it to learners.

DEFINE:

•

Income: Money you received for goods you sold or services rendered. Also known as revenue.

•

Needs: Basics that is necessary to survive e.g. food, clothing and housing.

•

Taxation: Money that residents of a country have to pay to the government for the goods and services the government provides.

•

Direct taxation: Tax citizens pay directly to the government for goods and services provided.

•

Indirect taxation: Tax citizens pay to the government indirectly through businesses and municipalities.

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Facilitator’s Guide G08 ~ Economic and Management Sciences

Unit

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FOR THE CURIOUS: The National Budget uses a system with a medium-unit expenditure framework. The spending plans are calculated over three years and only the first year of planning is introduced in parliament. The other two years' budget is projected for future plans.

Read more about 2013 budget on the following website: http://www.fin24.com/budget

ACTIVITY 3.1

3.1.1. Through tax collection.

3.1.2. The Minister of Finance.

3.1.3.

•

Direct Tax:

•

Income Tax: Individuals pay a portion of the income they earn to the government in taxes.

•

Company tax: Tax that businesses pay on the income they earn.

•

Indirect tax:

•

Value Added Tax (VAT): Tax levied on goods and services we buy from businesses.

•

Sin Tax: Taxes levied on goods that have a negative impact on the consumer, e.g. cigarettes and alcohol. The purpose of sin tax is to discourage consumers from buying these products.

•

Import Tax: Taxes levied on goods we buy from other countries and import to our country.

•

Municipal tax: Taxes levied directly by municipalities for garbage collection, sewer services, etc.

3.1.4

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R232,5 billion

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Facilitator’s Guide G08 ~ Economic and Management Sciences

Unit

ACTIVITY 3.2

3.2.1. Any five of the following answers: •

Healthcare

•

Education and training

•

Security

•

Social grants

•

Water en sanitation

•

Transport networks

•

Housing

3.2.2.

(Any relevant picture of needs the government provides.)

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Facilitator’s Guide G08 ~ Economic and Management Sciences

Unit

1

FOR THE CURIOUS Who is currently South Africa's Minister of Finance?

Answer: Pravin Gordhan When is the budget reviewed and announced to the public?

Answer: The budget is revised annually and introduced to the public in February.

Do research regarding these questions, then prepare your own budget for a month’s amount of pocket money. You must clearly show incomes and expenses.

Answer: The learner must clearly state his/her income and expenses in the budget.

Lesson 4: The economy – Standard of living LEARNING AIMS After learners complete this unit, they should be able to:

•

Distinguish between self-sufficient, modern and rural societies

•

Understand the impact of development on the environment

•

Understand unemployment

•

Understand productive use of resources to promote a healthy environment.

It is important that learners know the definitions of the lesson and they must clearly distinguish between each. Facilitators can use the definitions as introduction for the lesson. In this lesson, information must be gathered from the Internet, magazines and newspapers.

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Facilitator’s Guide G08 ~ Economic and Management Sciences

Unit

1

The definitions are repeated so that the facilitator can explain it to learners.

DEFINE:

• •

Lifestyle: The way in which people and societies live and express themselves.

Standard of living: This is the degree of access people and societies have to goods, services and wealth that make their lives easier.

•

Self-sufficient societies: This is a society that can support themselves and survive without help from other societies or people.

•

Modern societies: These societies are characterised by their high level of development and the availability of specialised facilities, goods and services.

•

Rural society: These types of societies are generally found on the borders of modern towns and cities, and although they are somewhat isolated, there is still a degree of interaction that takes place and they contribute to the country's economy.

•

Sustainability: The responsible use and management of natural resources to ensure that future generation can enjoy the benefits of these resources.

•

Unemployment: This is a person who does not have a job, but is looking for one and wants to work.

•

Recycling: The collection and dual use of already used materials, for example plastic.

IMPORTANT: You should know the difference between standard of living and lifestyle. Though it seems to be the same, there is a distinction between the two concepts.

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Facilitator’s Guide G08 ~ Economic and Management Sciences

Unit

ACTIVITY 4.1

Family A

Source: www.everyculture.com

Family B

Source: info.live58.org

Family A •

The family only has a limited choice of food they have to eat.

•

The family is only provided with the basic needs to survive.

(The learner can name any other relevant differences.)

Family B •

The family has a variety of food to choose from.

(The learner can name any relevant differences.)

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