Grade 7 Economics and Management Sciences Novemenber Exam study notes was compiled by using at 2019 – 2021 IMPAQ previous examination papers. The notes are compact, colourful and easy to study – giving possible answers directly from the memorandums. Making it perfect for learners with learning...
ECONOMIC AND
MANAGEMENT SCIENCES
NOVEMBER EXAMINATION 2023
PAPER 1/1
GRADE 7
These notes are compiled from previous exam papers: IMPAQ NOV 2019 – 2022. JUN 2019 – 2021
These are only suggested answers, as obtained from the memoranda. Some information is repeated
because I want to show you how the same information can be asked in different ways. I encourage you
to answer the calculation/illustration questions without looking at the answers first.
Good luck. Juffrou Ansie
Multiple choice questions
Traditional society A society with a lack of technology and most of their
activities are subsistence activities.
GDP Gross Domestic Product
Personal expenses Refers to money spent by individuals or households on
daily expenses
Personal income Personal income includes compensation from a number
of sources, including salaries, wages and bonuses
received from employment or self-employment
Commission Income Income earned when the business sells goods on behalf
of someone else or another business.
, 2
Producer People who use resources to make goods or provide
services.
Consumer People who buy or use goods and services.
Household A place where people live, eat, sleep and raise children.
Market The place where goods and services are bought and sold
Greenhouse gases Gases that trap heat in the Earth's atmosphere cause
temperatures around the world to rise.
Contribution sheet Example: Your parents pay an amount of R500 monthly
to a stokvel. Your parents will receive the stokvel
payment in the month of June
A SWOT analysis A method that can be used to help businesses identify
areas that need to be worked on and areas that need to
be emphasized.
Infrastructure Roads, hospitals and schools refer to infrastructure
Banking Refers to financial institutions that use customer
deposits to make investments or save, that grant loans,
and that exchange foreign currency
An investment Buying property is classified as an example of an
investment
Profit When a business's income is more than its expenses
Assets The company's assets or property
Liabilities Amounts of money that the business owes to other
institutions
Loss When the expenses are more than the income
, 3
Physiological needs Physiological needs are satisfied by confidence, success
and respect
Personal services Examples of personal services provided accountant,
teacher and a doctor.
Receipt This is a piece of evidence that you must keep safe that
proves that you have paid an institution, person or bank.
Deposit slip This is a specific form that you fill out to deposit your
money at a bank
E-commerce Consumers can buy and sell goods and services online
and pay for them electronically using a debit or credit
card.
Unemployment rate The unemployment rate is calculated as follows:
Go Green An initiative to encourage environmentally friendly and
responsible ecological decisions and lifestyles
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