The economy and the entrepreneur
Paper 1 work · 14 summaries- Needs, resources and productionNeeds and wants, scarcity and opportunity cost, and the four factors of production.
- The entrepreneurWhat an entrepreneur does, kinds of businesses, business plans and the risks.
- Marketing and the four P'sThe four P’s, target markets, brands, prices and how a business attracts customers.
- Sectors, economic growth and VATFormal and informal businesses, economic growth, and how to calculate VAT.
- GDP, production and resourcesWhat GDP measures, economic growth, productivity, and the reward for each factor of production.
- Inequality, poverty and standard of livingStandard of living and lifestyle, poverty and inequality, and how communities and government help.
- Starting a business: SWOT, goals and advertisingSWOT analysis, kinds of businesses, SMART goals and how to advertise well.
- The entrepreneur: a case studyThe qualities and skills of an entrepreneur, through the story of a small business.
- Production, sustainability and support for businessesDisasters and production, sustainability, stokvels and who supports new entrepreneurs.
- Exam preparation: study and exam skillsHow to study for the EMS exam, understand instruction words and win marks in the exam.
- Entrepreneur's Day: SWOT, entrepreneurial actions and advertisingPlan your Entrepreneur’s Day stall: SWOT, buy-make-sell, and adverts that work.
- The production process: inputs, outputs, productivity and technologyInputs, process and outputs, calculating productivity, and technology in production.
- Sustainable use of resources and recycled materialsSustainable and unsustainable use of resources, and businesses that work with recycled materials.
- Business types, market research and opening an accountFormal and informal businesses, primary and secondary market research, profit in trading and manufacturing, and opening an account.
Money, costs and financial records
Paper 2 work · 10 summaries- Money, banks and the circular flowThe circular flow, what banks do, interest, inflation and tax.
- Costs, price and profitFixed and variable costs, cost price and selling price, profit, loss and the break-even point.
- Assets, liabilities, budgets and cash journalsAssets and liabilities, budgets, source documents and the cash receipts and cash payments journals.
- The statement of net worthThe statement of net worth: assets, liabilities, and what a business or person is really worth.
- Personal finance and banking servicesAssets and liabilities, net worth, banking services, interest, SMART goals and budgets.
- The history and functions of moneyFrom barter to electronic money, the functions of money, and the qualities of good money.
- Income, expenses and budgets in practiceKinds of income, fixed and variable expenses, surplus and deficit, and budgets in practice.
- Saving, banks and creditSaving goals, banks and community savings schemes, interest, and the pros and cons of credit.
- Accounts, net worth and budgets in practiceAsset, liability or expense; calculating net worth and profit; and a cash budget in practice.
- Banks, community savings, support for entrepreneurs and goalsThe history of banks, stokvels and other savings schemes, support for entrepreneurs, and setting goals.
For parents
- Choose one topic per evening. Let your child read the summary and then tell it to you in their own words.
- The ticks (“I know this”) are saved on this device only, so you can see how far you have come. We never ask for names or emails.
- After the summary the quiz is the perfect test: every question explains the answer.
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Follows CAPS for Grade 7 Economic and Management Sciences.