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Summaries · Grade 7 EMS › Business types, market research and opening an account
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Business types, market research and opening an account

Formal and informal businesses, primary and secondary market research, profit in trading and manufacturing, and opening an account. Read one part at a time and tap “I know this”. Then test yourself in the quiz.

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Market research

Primary (collected yourself)Secondary (existing information)
A survey among learnersFigures from a Stats SA report
Counting how many people pass a spotNewspaper reports, websites
  • Ask many different people, not just your best friends: friends may just be kind.
  • A good question: “Which flavour would you buy for R10?”
  • Learners want healthy snacks but you planned sweets? Change to healthy snacks.
Market research: what do customers want?
Market research: what do customers want?
Tap when you could tell someone without looking.

Profit in trading and manufacturing

BusinessCalculationProfit
Spaza: crate of 24 cold drinks for R192, each R1224 × R12 = R288; R288 − R192R96
Key rings: materials R6, sold for R15, 40 sold(R15 − R6) × 40R360

A trading business buys goods and resells them for more; a manufacturer turns materials into products and usually has more costs (machines and materials).

Tap when you could tell someone without looking.

Opening a savings account

  • Banks ask for ID and proof of address (FICA) to confirm who you are.
  • A minimum opening deposit is the least you must put in first; you get an account number.
  • Compare interest and fees: 6% interest with R20 monthly fees can be worse than 5% with no fees.
Tap when you could tell someone without looking.

Remember this and test yourself

Remember this: your summary
  • Informal traders can register to qualify for loans and contracts; formal means tax and more rules.
  • Primary research: asking or counting yourself (a survey). Secondary: existing figures (a Stats SA report).
  • 24 of 40 learners choose chocolate: 24 ÷ 40 × 100 = 60%.
  • Mark-up: an R80 T-shirt with a 50% mark-up sells for R120.
  • To open an account: ID and proof of address (FICA); a parent helps a 13-year-old sign.

Write these points in your book. Read them again the night before the test.

Memory trick

Primary = you ask yourself (first hand). Secondary = someone else already asked (second hand).

Flash cards · Tap to turn over

Important words

First say what the word means, then turn the card over.

Test yourself · Part 2

True or false?

Read the question and the answer. Is the answer right? Tap True or False.

    Now the real quiz!

    The quiz has many more questions on this topic. Every question shows straight away whether you are right and explains why.

    Take the quiz: Business types, market research and opening an account
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    For parents
    • Read one part together and ask your child to tell it back in their own words.
    • The ticks (“I know this”) are saved on this device only. We never ask for names or emails.

    Follows CAPS for Grade 7 Economic and Management Sciences (EMS). Always check your teacher’s notes and textbook too.

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