Class notes

Economic growth, Poverty and Wealth Distribution

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Course
Economics

Institution
11th Grade

Comprehensive Grade 11 Economics study notes covering: - Economic growth and development - Wealth distribution and redistribution - Standards of living - Poverty and its implications Well-structured, detailed, and concise summarised notes for students.

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Uploaded on September 16, 2024
Number of pages 20
Written in 2024/2025
Type Class notes
Professor(s) Mr moffatt
Contains Economic growth, wealth distribution/redistribution, standards of living, poverty and more

term 3 economics notes

Institution
11th Grade
Course
Economics
Schooljaar 200

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Indigenous Knowledge Systems (IKS) and Their
Importance

Key Questions:

What is meant by indigenous knowledge systems?
o Indigenous Knowledge Systems (IKS) refer to the traditional knowledge
and practices that have developed over time within specific
communities, particularly in a particular geographic area.

Why is the building of Indigenous Knowledge Systems (IKS) important
for sustainable development in Africa?
o crucial for sustainable development in Africa because it respects the
unique cultural and environmental contexts of African communities. It
empowers local populations by valuing their knowledge and practices,

5.1 Development by Building on Indigenous Knowledge Systems (IKS)

Democratic Participation:
o local governments work closely with communities to make decisions
that affect them directly.
People-Centered Development:
o promoting self-reliance at both household and community levels and
building confidence among the people.
Cultural Relevance:
o allow African people to advance in ways that align with their own efforts
and values, respecting their cultural identity.

Characteristics of Indigenous Knowledge:

 Generational Transmission:
o Indigenous knowledge is passed down from one generation to the next,
often through oral traditions and practical application.
 Experience-Based:
o It is based on years of experience, tested over time, and adapted to the
local culture and environment.

,The Indigenous Knowledge Policy of South Africa

In 2004, the South African government adopted an Indigenous Knowledge System
Policy, which recognizes the importance of indigenous knowledge for the well-being
of the majority of South Africans. The policy emphasizes the application of IKS in
various fields, such as:

 Modern Medicine:
o The policy acknowledges that traditional knowledge and medicinal
plants, has contributed significantly to modern medicine.
 Ecological Practices:
o Indigenous knowledge is essential for sustainable ecological practices
that are well-adapted to local environments.
 Poverty Reduction:
o Programs aimed at reducing poverty can benefit from the application of
IKS, as these practices are often more accessible and relevant to local
populations.
.

Integrating Indigenous and Foreign Knowledge

In many cases, the most effective approach is to combine indigenous and foreign
knowledge, where "foreign" includes both modern technology and indigenous
practices developed elsewhere. This integration can lead to more sustainable and
culturally appropriate solutions.

, Unit 1: Wealth Creation Process

The Difference Between Wealth and Income

 Wealth refers to accumulated assets that generate income. Assets can
include property, machinery, equipment, and cash.
 Income is the money earned from the use of these assets or through work. It
includes wages, rent, interest, and profit.

Methods to Create Wealth

WEALTH CREATION BY COUNTRIES WEALTH CREATION BY
INDIVIDUALS
 Education and Skill
 Research and Innovation: Improvement:
Countries can create wealth by Individuals can create wealth by
producing unique goods or getting educated and improving
services that no other country their skills.
offers.  Saving for the Future:
Saving is crucial for accumulating
 Invest in Education and Training: wealth. Spending all of one's
income in the present means that
Education is a vital investment in nothing is set aside for future
human capital. By improving the needs, such as retirement.
skills of the workforce, individuals Investments, such as those in the
are better equipped to earn an stock market, are important for
income. growing wealth over time.

 Invest in Infrastructure:
investment is essential for job
creation and provides the
necessary environment for
business growth.
 Attract Investments:
Both local and foreign
investments are crucial for capital
formation.

Unit 2: Distribution of Income and Wealth

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