Overview of the Learning Outcomes
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"
The flow of money, resources and services, which characterises the economic cycle, facilitates demand and supply. The role-players in the economy include households, business, government and the foreign sector. These participants are involved in the processes of production, consumption and exchange. The learner is made aware of the rights and responsibilities of participants in the economic cycle. The production of goods and services using limited resources faces the problem of unlimited demand. Ways of balancing production and consumption by managing the money supply must be found in order to control inflation and to ensure adequate savings and investment for new products and services. In this Learning Outcome, the interdependence between economic activity and the physical, technological, social, political and legal environments is discussed in addressing the problem of limited resources and unlimited demand.
Learning Outcome 2: Sustainable Growth and Development
The learner will be able to demonstrate an understanding of reconstruction, sustainable growth and development, and to reflect critically on related processes
Learners of all ages should understand the need for sustainable growth, reconstruction and development in South Africa. As the inequalities of the past and present - especially the extremes of poverty and wealth - cannot be adequately addressed by conventional socio-economic policies alone, other innovations can also be explored. These involve the development of small, medium and micro enterprises in production, as well as the need for workable alternatives in education, health and other social services. The learner should be able to identify and critically analyse the values and attitudes within civil society and government that support the achievement of these goals. This Learning Outcome focuses on the actions, processes and structures that advance sustainable reconstruction and development in the national economy.
Learning Outcome 3: Managerial, Consumer and Financial Knowledge
and Skills
The learner will be able to demonstrate knowledge and the ability to responsibly apply a range of managerial, consumer and financial skills
All individuals and organisations manage their activities on a daily basis by using specific management and leadership skills. This Learning Outcome will enable the learner to develop consumer and financial skills, and to manage his or her life and business activities responsibly and effectively. The learner will be given the skills needed to be effective in formal interpersonal communication situations (e.g. interviewing, performance assessment, negotiation, arbitration and conciliation).
Learning Outcome 4: Entrepreneurial Knowledge and Skills
The learner will be able to develop entrepreneurial knowledge, skills and attitudes
Entrepreneurship focuses on an individual identifying a viable business opportunity, and then financing and starting a business. Entrepreneurs take calculated risks and utilise opportunities to start businesses by producing goods or services for society. Entrepreneurs are important to the development of a country and can make an important contribution to sustainable economic growth. Entrepreneurial activities can impact positively on job and wealth creation, and improve the standard of living of citizens. Entrepreneurs can encourage communities to take pride in their uniqueness and environment, while making economic gains (e.g. in taking ownership of local tourism activities). Through this Learning Outcome, the learner’s entrepreneurial talents and potential will be unlocked and developed through learning about entrepreneurial activities and approaches.