Summary
Summary Grade 7 EMS STUDY GUIDE
- Course
- Economic Management Science
- Institution
- 7th Grade
Summary of 135 pages for the course Economic Management Science at 7th Grade (This will help you)
[Show more]
Content preview
, 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BookSquad. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R60,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now