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Summary Grade 7 EMS STUDY GUIDE
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Summary of 135 pages for the course Economic Management Science at 7th Grade (This will help you)
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, 1GRADE 7
ECONOMIC AND MANAGEMENT SCIENCES
TERM 1
Contents
TOPIC 1: THE ECONOMY - THE HISTORY OF MONEY ................................................... 5
Lesson 1.1........................................................................................................................ 5
Traditional societies ...................................................................................................... 5
Modern Societies .......................................................................................................... 6
Bartering ....................................................................................................................... 6
Activity 1.1.1 ................................................................................................................. 7
Disadvantages of bartering ........................................................................................... 7
Lesson 1.2........................................................................................................................ 7
Early forms of money .................................................................................................... 7
History of coins and paper money ................................................................................ 8
...................................................................................................................................... 8
Lesson 1.3........................................................................................................................ 9
Promissory notes .......................................................................................................... 9
Activity 1.3.1 ............................................................................................................... 10
Homework Task .......................................................................................................... 10
Lesson 1.4...................................................................................................................... 10
Advantages and disadvantages of using the Internet for banking and buying ............ 10
Activity 1.4.1 ............................................................................................................... 11
Lesson 1.5...................................................................................................................... 11
Activity 1.5.1 ............................................................................................................... 12
Lesson 1.6...................................................................................................................... 12
Activity 1.6.1 ............................................................................................................... 13
Activity 1.6.2 ............................................................................................................... 13
GM 2018
, 2
TOPIC 2: NEEDS AND WANTS ........................................................................................ 13
Lesson 2.1...................................................................................................................... 13
An individual’s basic needs......................................................................................... 14
Basic needs of communities and countries................................................................. 14
Activity 2.1.1 ............................................................................................................... 14
Lesson 2.2...................................................................................................................... 15
Activity 2.2.1 ............................................................................................................... 16
Lesson 2.3...................................................................................................................... 17
Activity 2.3.1 ............................................................................................................... 17
Lesson 2.4...................................................................................................................... 18
Limited resources to satisfy needs and wants ............................................................ 18
Activity 2.4.1 ............................................................................................................... 20
Lesson 2.5...................................................................................................................... 20
The Economic Problem .............................................................................................. 20
Activity 2.5.1 ............................................................................................................... 21
Lesson 2.6...................................................................................................................... 21
Needs and wants that are satisfied by water .............................................................. 21
Activity 2.6.1 ............................................................................................................... 21
TOPIC 3: GOODS AND SERVICES .................................................................................. 22
Lesson 3.1...................................................................................................................... 22
The Primary Sector ..................................................................................................... 22
The Secondary Sector ................................................................................................ 23
The Tertiary Sector ..................................................................................................... 23
Activity 3.1.1 ............................................................................................................... 24
Lesson 3.2...................................................................................................................... 25
Goods and services .................................................................................................... 25
Goods ......................................................................................................................... 25
Services ...................................................................................................................... 26
GM 2018
, 3
Activity 3.2.1 ............................................................................................................... 26
Lesson 3.3...................................................................................................................... 27
Producers and consumers .......................................................................................... 27
The role of households as producers and consumers ................................................ 27
Activity 3.3.1 ............................................................................................................... 28
Lesson 3.4...................................................................................................................... 28
Using goods and services efficiently and effectively ................................................... 28
Activity 3.4.1 ............................................................................................................... 29
Lesson 3.5...................................................................................................................... 29
How to recycle and re-use goods to satisfy needs and wants .................................... 29
Activity 3.5.1 ............................................................................................................... 31
Lesson 3.6...................................................................................................................... 31
Activity 3.6.1 ............................................................................................................... 31
TOPIC 4: ENTREPRENEURSHIP - BUSINESSES ........................................................... 32
Lesson 4.1...................................................................................................................... 32
Developing and Developed Countries ........................................................................ 32
Formal and Informal Businesses ................................................................................ 33
Activity 4.1.1 ............................................................................................................... 34
Lesson 4.2...................................................................................................................... 34
Types of business that are both formal and informal .................................................. 34
Activity 4.2.1 ............................................................................................................... 35
Lesson 4.3...................................................................................................................... 36
Advantages and disadvantages of informal and formal businesses ........................... 36
Activity 4.3.1 ............................................................................................................... 37
Lesson 4.4...................................................................................................................... 37
The role of formal and informal businesses as producers and consumers ................. 37
Activity 4.4.1 ............................................................................................................... 38
Activity 4.4.2 ............................................................................................................... 38
GM 2018
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