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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
CAPS aligned
S Loots B Pretorius
2008-E-EMS-FG01
Í4(È-E-EMS-FG01ÂÎ
Grade 8
Facilitator’s Guide G08 ~ Economic and Management Sciences
CONTENTS LESSON ELEMENTS ................................................................................................. 5 TIMETABLE AND TIME MANAGEMENT................................................................... 7 ASSESSMENT REQUIREMENTS .............................................................................. 9 STUDY TIPS AND METHODS .................................................................................. 13 PREFACE ................................................................................................................. 14 HOW TO USE THE FACILITATOR’S GUIDE ........................................................... 15 YEAR PLAN .............................................................................................................. 16 UNIT 1 ....................................................................................................................... 18 Lesson 1: Revision .................................................................................................... 18 ACTIVITY 1.1 ...................................................................................................... 18 Lesson 2: The economy – Government..................................................................... 19 ACTIVITY 2.1 ...................................................................................................... 20 ACTIVITY 2.2 ...................................................................................................... 20 Lesson 3: The economy – National budget ............................................................... 21 ACTIVITY 3.1 ...................................................................................................... 22 ACTIVITY 3.2 ...................................................................................................... 23 Lesson 4: The economy – Standard of living............................................................. 24 ACTIVITY 4.1 ...................................................................................................... 26 ACTIVITY 4.2 ...................................................................................................... 26 ACTIVITY 4.3 ...................................................................................................... 27 ACTIVITY 4.4 ...................................................................................................... 27 ACTIVITY 4.5 ...................................................................................................... 28 ACTIVITY 4.6 ...................................................................................................... 29 Lesson 5: Financial literacy – Accounting concepts .................................................. 29 ACTIVITY 5.1 ...................................................................................................... 32 ACTIVITY 5.2 ...................................................................................................... 32 ACTIVITY 5.3 ...................................................................................................... 32 ACTIVITY 5.4 ...................................................................................................... 33 ACTIVITY 5.5 ...................................................................................................... 34 ACTIVITY 5.6 ...................................................................................................... 34 ACTIVITY 5.7 ...................................................................................................... 35
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Facilitator’s Guide G08 ~ Economic and Management Sciences
ACTIVITY 5.8 ...................................................................................................... 35 Lesson 6: Financial literacy – Source documents ..................................................... 36 ACTIVITY 6.1 ...................................................................................................... 38 ACTIVITY 6.2 ...................................................................................................... 40 ACTIVITY 6.3 ...................................................................................................... 40 ACTIVITY 6.4 ...................................................................................................... 42 EXERCISE 1: OPEN BOOK TEST ..................................................................... 44 UNIT 2 ....................................................................................................................... 47 Lesson 7: Revision .................................................................................................... 47 ACTIVITY 7 ......................................................................................................... 47 Lesson 8: Financial literacy – Overview of the accounting cycle ............................... 47 ACTIVITY 8.1 ...................................................................................................... 49 Lesson 9: Financial literacy – Cash Receipts Journal (services) ............................... 49 ACTIVITY 9.1 ...................................................................................................... 52 ACTIVITY 9.2 ...................................................................................................... 53 ACTIVITY 9.3 ...................................................................................................... 54 ACTIVITY 9.4 ...................................................................................................... 55 ACTIVITY 9.5 ...................................................................................................... 55 ACTIVITY 9.6 ...................................................................................................... 58 Lesson 10: Entrepreneurship – Factors of production ............................................... 59 ACTIVITY 10.1 .................................................................................................... 60 ACTIVITY 10.2 .................................................................................................... 60 ACTIVITY 10.3 .................................................................................................... 61 Lesson 11: The economy – Markets.......................................................................... 62 ACTIVITY 11.1 .................................................................................................... 63 EXERCISE 2: OPEN BOOK TEST ..................................................................... 63 Lesson 12: Revision for the June examination .......................................................... 66 UNIT 3 ....................................................................................................................... 69 Lesson 13: Revision .................................................................................................. 69 ACTIVITY 13 ....................................................................................................... 69 Lesson 14: Financial literacy – Cash Receipts Journal ............................................. 69 ACTIVITY 14.1 .................................................................................................... 71 ACTIVITY 14.2 .................................................................................................... 72
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Facilitator’s Guide G08 ~ Economic and Management Sciences
Lesson 15: Financial literacy – Cash Payments Journal ........................................... 72 ACTIVITY 15.1 .................................................................................................... 74 ACTIVITY 15.2 .................................................................................................... 74 ACTIVITY 15.3 .................................................................................................... 75 ACTIVITY 15.4 .................................................................................................... 77 ACTIVITY 15.5 .................................................................................................... 78 ACTIVITY 15.6 .................................................................................................... 79 ACTIVITY 15.7 .................................................................................................... 81 Lesson 16: Entrepreneurship – Forms of ownership ................................................. 83 ACTIVITY 16.1 .................................................................................................... 84 ACTIVITY 16.2 .................................................................................................... 86 EXERCISE 3: OPEN BOOK TEST ..................................................................... 87 UNIT 4 ....................................................................................................................... 90 Lesson 17: Revision .................................................................................................. 90 ACTIVITY 17 ....................................................................................................... 90 Lesson 18: Entrepreneurship – Levels and functions of management ...................... 90 ACTIVITY 18.1 .................................................................................................... 91 ACTIVITY 18.2 .................................................................................................... 92 Lesson 19: Financial literacy – General ledger and trial balance .............................. 92 ACTIVITY 19.1 .................................................................................................... 94 ACTIVITY 19.2 .................................................................................................... 95 ACTIVITY 19.3 .................................................................................................... 96 ACTIVITY 19.4 .................................................................................................... 97 ACTIVITY 19.5 .................................................................................................... 98 ACTIVITY 19.6 .................................................................................................. 100 ACTIVITY 19.7 .................................................................................................. 102 ACTIVITY 19.8 .................................................................................................. 104 ACTIVITY 19.9 .................................................................................................. 106 ACTIVITY 19.10 ................................................................................................ 107 ACTIVITY 19.11 ................................................................................................ 108 EXERCISE 4: OPEN BOOK TEST ................................................................... 108 Lesson 20: Examination preparation ....................................................................... 114
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Facilitator’s Guide G08 ~ Economic and Management Sciences
LESSON ELEMENTS LEARNING AIMS What learners should know at the end of the lesson. Taken from CAPS. IMPORTANT TERMINOLOGY New terminology to improve understanding of the subject as part of the lesson. DEFINE Definitions of concepts to understand the content. IMPORTANT A summary or explanation of the main concepts of a lesson.
TIPS Any information other than the content, to guide learners through the learning process.
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Facilitator’s Guide G08 ~ Economic and Management Sciences
FOR THE CURIOUS Encouragement to do in-depth research about the content. Expand the activity and exercise to such an extent that learners are encouraged to explore. For gifted learners: expanded exercises. For Learners with Special Educational Needs (LSEN): explain the need to complete the basic questions to achieve a passing mark. ACTIVITY Questions throughout the lesson to complete in order to test the learner’s knowledge of the lesson. EXERCISE In conclusion of the specific unit. Formative assessment. CORE CONTENT Emphasise the core of content; in-depth explanation of a specific section of the lesson; needs to be understood. STUDY/REVISION Time spent to study the content in conclusion of the unit and in preparation for the test or examination.
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Facilitator’s Guide G08 ~ Economic and Management Sciences
TIMETABLE AND TIME MANAGEMENT The teaching time for Economic and Management Sciences is two hours per week. As this subject involves the development of accounting skills for learners in Grades 8 and 9, one hour per week must be used for financial literacy in units of the year plan. The following table shows how many weeks per unit to spend on each topic. (Taken from the National Curriculum Statement). Unit 1 Topic
Week (2 hours per week)
Revision
Week 1
The economy: Government
Week 2 – 3
The economy: National budget
Week 4 – 5
The economy: Standard of living
Week 6
Financial literacy: Accounting concepts
Week 7 – 8
Financial literacy: Source documents
Week 9 – 10
Unit 2 Topic
Week (2 hours per week)
Revision
Week 1
Financial literacy: Overview of the accounting cycle
Week 2 – 3
Financial literacy: Cash Receipts Journal
Week 4, 5, 6, 7, 8
Entrepreneurship: Factors of production
Week 4, 5, 6
The economy: Markets
Week 7, 8
June examination
Week 9 – 10
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Facilitator’s Guide G08 ~ Economic and Management Sciences
Unit 3 Topic
Week (2 hours per week)
Revision
Week 1
Financial literacy: Cash Receipts Journal
Week 2 – 3
(service) Financial literacy: Cash Payments
Week 4, 5, 6, 7, 8, 9, 10
Journal (service) Entrepreneurship: Forms of ownership
Week 4, 5, 6, 7, 8, 9, 10
Unit 4 Topic
Week (2 hours per week)
Revision
Week 1
Entrepreneurship: Levels and functions
Week 2, 3, 4, 5, 6
of management Financial literacy: General ledger and
Week 2, 3, 4, 5, 6, 7, 8, 9
trial balance Examination preparation
Week 7, 8, 9
November examination
Week 10
•
Set up a timetable for learners for each unit. Make sure they complete each unit’s work within the given time frame.
•
Stick to the proposed year plan or change it as you please.
•
Do not allow learners to fall behind with the work, otherwise they will struggle to catch up.
•
Ensure that learners spend two hours each week on Economic and Management Sciences.
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Facilitator’s Guide G08 ~ Economic and Management Sciences
ASSESSMENT REQUIREMENTS Assessment is a continuous planned process of identifying, gathering and interpreting information about learners’ performance. Assessment in Economic and Management Sciences focuses on the knowledge, skills and values required to make informed, ethical decisions in the economic environment. Economic and Management Sciences covers valuable skills such as economic, entrepreneurship, financial and managerial skills that prepare learners for success in different economic and business environments. The facilitator must consider all these skills when planning teaching, learning and assessment activities. Learners are assessed in two ways. 1) Informal assessment •
It takes place during the teaching and learning process.
•
It is usually the activities completed during lessons and discussions and observations.
•
The results of informal assessment are not recorded.
2) Formal assessment •
All assessment tasks that form part of the formal assessment programme for the year are regarded as formal assessment.
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The assessment is formally revised by a moderator.
•
Examples of formal assessments include tests, examinations and projects.
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Facilitator’s Guide G08 ~ Economic and Management Sciences
Formal assessment programme for the year:
Forms of assessment
June examination
Case study
September test
November examination
UNIT 4
Project
UNIT 3
March test
UNIT 2
Data response
UNIT 1
Assessment instruments
Rubric memo
Memo
Rubric/ Checklist
Memo
Rubric memo
Memo
Memo
Total marks
30 marks
50 marks
50 marks
75 marks
30 marks
100 marks
200 marks
Date completed
Week 5
Week 10
Week 6
Week 9
Week 7
Week 10
Week 10
60 min
120 min
Time allowance
60 min
60 min
The total marks for the November examination for Grade 8 is 200 marks. The following shows how an examination paper is compiled. Section A: 60 marks (30 x 2 = 60) Covers all topics Types of questions to include in this section: 1. Multiple-choice 2. Fill in the missing words 3. True or false 4. Match column A to column B 5. Underline the correct word Use a combination of any four types, for example: 1. Multiple-choice
(10)
2. True or false
(5)
3. Match column A to column B
(10)
4. Fill in the missing words
(5)
Award 2 marks for each correct answer: Total marks 30 x 2 = 60 Š Impaq
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Facilitator’s Guide G08 ~ Economic and Management Sciences
Section B: 40 marks Topic: The economy •
Includes two to three questions on the content as per the year plan.
•
Each question can consist of subsections relating to the content being assessed.
•
Mark allocation does not have to be distributed evenly amongst the questions, as long as the total adds up to 40 marks.
Types of questions that can be included in this section: 1. Short-answer questions 2. Paragraph-type questions 3. Diagrams 4. Cartoons 5. Graphs 6. Case studies Section C: 60 marks Topic: Financial literacy •
Includes two to three questions on the content as per the year plan.
•
Each question can consist of subsections relating to the content being assessed.
•
Mark allocation does not have to be distributed evenly amongst the questions, as long as the total adds up to 60 marks.
Types of questions that can be included in this section: 1. Short-answer questions 2. Paragraph-type questions 3. Case studies pertaining to the practical recording of cash/credit transactions in subsidiary journals, posting to the general ledger and preparing a trial balance.
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Facilitator’s Guide G08 ~ Economic and Management Sciences
Section D: 40 marks Topic: Entrepreneurship •
Includes two to three questions on the content as per the year plan.
•
Each question can consist of subsections relating to the content being assessed.
•
Mark allocation does not have to be distributed evenly amongst the questions, as long as the total adds up to 40 marks.
Types of questions that can be included in this section: 1. Short-answer questions 2. Paragraph-type questions 3. Case studies 4. Scenarios 5. Diagrams 6. Cartoons The above-mentioned information will give facilitators and learners a good idea of what they can expect in an examination paper.
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Facilitator’s Guide G08 ~ Economic and Management Sciences
STUDY TIPS AND METHODS Economic and Management Sciences mainly consists of three sections, namely the economy, entrepreneurship and financial literacy. Learners must be able to clearly distinguish between these three sections. Learners must complete a great amount of work during the year. It is important that learners use the correct study methods to prepare for tests and examinations. Here are some study tips that learners may use: •
Skim each unit before the work is explained.
•
Always listen attentively as 70 – 80% of learning and understanding occurs while the work is explained.
•
Make sure you read and understand each word or term contained within the lesson. Use the glossary in the study guide or a dictionary.
•
Focus and concentrate on each step of the section that is discussed. Do not let your mind wander.
•
Actively participate and be involved in the lesson by asking questions and giving answers.
•
Revise the work that has been completed every day.
•
Try to identify different types of questions every day and make notes.
•
Ask for help if you need it. It is important to understand all the work before proceeding to the next section.
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Facilitator’s Guide G08 ~ Economic and Management Sciences
PREFACE INTRODUCTION Economic and Management Sciences consists of three components, namely the economy, entrepreneurship and financial literacy. The facilitator’s guide serves as support to the facilitator. The facilitator must use the answers in this guide to assess learners’ activities and exercises. Each lesson should be thoroughly explained to learners, discussions should be held regarding all activities during the lesson, and open book tests at the end of each unit must be completed by learners in preparation for tests or examinations. It is always good to go through the questions and answers with learners and to give feedback to them about possible errors or good answers. The facilitator’s guide will guide both facilitators and learners throughout the year and should be used in conjunction with the study guide. RECOMMENDED RESOURCES •
The study guide is essential.
•
A calculator to help learners with the financial literacy sections.
•
The provided workbook to complete the accounting activities.
•
It is important that learners read magazines and newspapers on various topics covered in the study guide to acquire in-depth knowledge of the topics.
•
Learners must know what is happening in the economy and finances of the country.
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Facilitator’s Guide G08 ~ Economic and Management Sciences
HOW TO USE THE FACILITATOR’S GUIDE 1.
The content in the study guide must be presented to learners according to the year plan.
2.
Facilitators are responsible for ensuring that learners acquire a 72-page script for answering activities and open book tests contained within the study guide.
3.
Revision activities, activities contained within a unit and open book tests all form part of the content that learners must complete. This will help them to better understand the content of the subject.
4.
Learners and facilitators must take note of the financial literacy activities that need to be completed in the provided workbook. This is indicated at the top of the activity.
5.
Give learners a deadline for when activities must be completed. Try to keep to the dates to ensure that all work is completed.
6.
All revision activities, activities contained within a unit, open book tests and examinations must be marked with the learners.
7.
After marking the work, the answers should be discussed with learners
8.
It is always good if learners write down the correct answers for further reference.
9.
If the facilitator provides the answers to learners without giving them the opportunity to do it themselves, learners will have good marks, but will not remember the content.
10. Answers to all activities, open book tests, revision activities and formal assessment tasks are provided in the facilitator’s guide. 11. Additional knowledge concerning the lesson is provided to learners under the heading ‘For the curious’. The instructions given in these sections usually relate to more in-depth research and gathering information regarding the topic. 12. Each lesson is composed in such a way that learners can work calmly through it. There is an activity at the end of each lesson. Each lesson has a time allocation, as required by CAPS. 13. If you have any queries regarding the subject, please contact the respective Education Specialist at Impaq. © Impaq
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