Revised National Curriculum Statement: Grade 8 Economic and Management Sciences

Revised National Curriculum Statement Grade R-9 (Schools)

Grade Eight

Learning Area: Economic and Management Sciences
( Further information on the Outcomes for this Learning Area )

Learning Outcome 1: The Economic Cycle

The learner will be able to demonstrate knowledge and understanding of the economic cycle within the context of ‘the economic problem’.

Assessment standards

We know this when the learner:

Describes the historical development of money and its role in societies and their economies.
Discusses how trade (import and export) addresses the economic problem (choice and opportunity cost), and the role of banks in investing in the economy.
Explains how different economic systems address the economic problem (e.g. planned, market and mixed economies).
Discusses the role, rights and responsibilities of trade unions.
Explains what inflation is and discusses reasons for changes in inflation rates.

Learning Outcome 2: Sustainable Growth and Development

The learner will be able to demonstrate an understanding of sustainable growth, reconstruction and development, and to reflect critically on its related processes.

Assessment standards

We know this when the learner:

Investigates and describes how the national budget is used to influence growth and redress economic inequalities.
Investigates how the RDP could have been used to stimulate economic growth and restructuring (e.g. capacity building, jobs).
Discusses the importance of savings for investments.
Investigates and reports on how technology can improve productivity, economic growth, living standards, etc.

Learning Outcome 3: Managerial, Consumer and Financial Knowledge and Skills

The learner will be able to demonstrate knowledge and the ability to apply responsibly a range of managerial, consumer and financial skills.

Assessment standards

We know this when the learner:

Differentiates between financial concepts used in business (e.g. fixed assets, current assets, liabilities, owner’s equity).
Develops leadership and management strategies that will ensure a return on investments.
Completes source documents (e.g. receipts, deposit slips, cheques) and records elementary cash transactions in a statement of receipts and payments.
Uses keyboard skills and function keys in developing, storing and retrieving basic information.
Explains the concept and analyses a statement of net worth.
Investigates the various methods of savings and investments (e.g. savings accounts, fixed deposits, shares, unit trusts), and calculates returns on a variety of investments.
Describes the levels, categories, remuneration and responsibilities of jobs.

Learning Outcome 4: Entrepreneurial Knowledge and Skills

The learner will be able to develop entrepreneurial knowledge, skills and attitudes.

Assessment standards

We know this when the learner:

Identifies financial institutions and organisations promoting entrepreneurship.
Discusses different ideas for starting a business (including ideas to attract tourists, franchising).
Differentiates between the forms of ownership in the informal and formal sectors (sole proprietor, partnership, close corporation).
Evaluates the financial viability of a business (e.g. start-up costs, production costs, sales, profit).
Engages in a business activity that involves purchasing, production and marketing (should involve financing of business with own or borrowed capital - e.g. bank overdraft).