essays for economics grade 12

Economics Grade 12 Exam Question Papers, Control Tests and Notes 2023

Grade 12 economics exam paper 1 and 2 may-june 2019 and memo english.

Grade 12 Economics Exam Paper 1 and 2 May-June 2019 and Memo English List of Grade 12 Economics Exam Paper 1 and 2 May-June 2019 and Memo English Paper 1: Paper 2 Hello Grade 12 Learners. Modern Classroom has everything for you needed to pass your matric exams, tests, assessments, research tasks and assignments under … Read more

Economics Grade 12 November 2021 Examination Final Question Papers with Memos to revise with

The best way to pass your Economics Grade 12 exams is to use the previous question papers. On this page, you will be able to download the 2021 November Grade 12  Economics  final exam papers that come with memorandums to guide learners on how to answer. The proper way of doing revision is to give … Read more

Economics Grade 12 Essays pdf download (South Africa)

Economics Grade 12 Essays pdf download (South Africa):

DISCUSS IN DETAIL REGIONAL DEVELOPMENT IN SOUTH AFRICA IN TERMS OF THE INTERNATIONAL BENCHMARK CRITERIA.

INTRODUCTION -Regional development is the establishment of new industries in areas that are underdeveloped in order to create employment and improve the standard of living.

MAIN PART THE INTERNATIONAL BENCHMARK CRITERIA

1. Good governance. -Regional development strategies should be managed effectively and free of corruption. -Democratic decision making, transparency, financial management and control should be a culture of the organisations. -Projects should be correctly programmed, monitored and evaluated.

2. Integration. -An integrated approach, ensuring that the benefits of one region spill over to other industries and areas. -This can be in the form of infrastructure or social services.

3. Partnerships -Partnerships should be built between central government, local authorities and civil society. -These partnerships encourages commitment which leads to good results.

4. Provision of resources -Sufficient resources should be provided in resource-poor areas. -When infrastructure and human resources are available in the rural areas the business will be attracted to invest there which will lead to economic growth.

5. Competitiveness.

-Industries or business established as a result of regional policies should be competitive and not need ongoing financial aid from government. -This encourages self sufficiency and independence which in turn improves economic growth.

6. Investment in social capital. -Governments need to improve the quality of education and healthcare in a region. -Development for people involves providing essential services and goods that improve the living standard of people in a region. -Examples include food, housing and security

7. Free market orientation -The government will have to allows the forces of demand and supply to be the ones that regulates the market. – This can be done by removing barriers that block other businesses from entering the market in order to encourage competition.

8. Sustainability -The government should find measures to ensure that we do our economic activity in such a way that we do not harm the environment. -The use of local resources will also offer the most cost-effective solutions.

CONCLUSION -The South African government has entered into several agreements and projects that support development in Southern Africa for the benefit of South Africa.

Hello Grade 12 Learners. Modern Classroom has everything for you needed to pass your matric exams, tests, assessments, research tasks and assignments under CAPS Curriculum . Feel free to explore all resources for grade 12, such as Study Guides, DBE Past Exam Papers with Memos , and Speech Topics . That’s if you want to know how to pass grade 12 with distinctions in South Africa Modern Classroom

Why passing Grade 12 is very important

Grade 12 ultimately prepares you for the real world out there, and most importantly matric is your ultimate gateway for varsity. You really need good marks in Grade 12 in order to pass well and study what you like . Good Grade 12 marks means good APS Score.

The calculation of an Admission Point Score (APS) is based on a candidate’s achievement in any SIX recognised National Senior Certificate 20-credit subjects (including subjects from the non-designated subject list, e.g. CAT , Tourism , Hospitality Studies and Civil , Electrical & Mechanical Technology , etc.), by using the NSC seven-point rating scale. Life Orientation is a 10-credit subject and may not be used for calculating the APS. Life Orientation is also not a faculty-specific subject requirement.

Have you made your career choice yet?

Now that you are in your final year of studies, have you made up your mind about what career you want to pursue after matric? Have a look at below questions and click on the links for more information:

Do you know:

• If you want to study at a University or College ?
• What career do you plan to pursue after school ?
• What subjects you will need to study for this career?
• Which country do you want to study at, Canada maybe?
• How will you pay for your studies?

5 Ways to Pass Matric with Distinction?

• Teach your friends the subject you know the most. Teaching others makes you learn faster
• Manage your time properly. Learn to focus at one task at a time.
• Gather all learning material about a subject and try answering previous exam papers and tests
• Ensure you do have 8 hrs of sleep every night so that you will always be productive.
• Remove all destructions around you, such as: TV, CellPhone, Noisy people, etc. If you cant, go to the library or study at school.

Grade 12 Economics Exam Paper 1 and 2 May-June 2019 and Memo Afrikaans

Grade 12 Economics Exam Paper 1 and 2 May-June 2019 and Memo Afrikaans: Economics Paper 1 Question Paper and Memo (Afrikaans): Economics Paper 2 Question Paper and Memo (Afrikaans): Hello Grade 12 Learners. Modern Classroom has everything for you needed to pass your matric exams, tests, assessments, research tasks and assignments under CAPS Curriculum. Feel … Read more

Economics Grade 12 November 2022 Exam Question Papers with Memos for Revision

Economics Grade 12 November 2022 Exam Question Papers with Memos (that contain answers) for Revision: The papers are in a pdf format. There are several reasons why grade 12 learners should use the 2022 November as well as other previous past exam papers for revisions in accordance with the CAPS curriculum. Some of these reasons … Read more

Economics Grade 12 June 2021 exam papers and memos for downloads

Economics Grade 12 June 2021 exam papers and memos for downloads Heads up! Modern Classroom has 100s of resources for you to ace your next tests, assignment, project, test, and exams for Grade 12 this year.  If you want to explore more study resources for Grade 12, Click Here“ The secret of getting ahead is getting … Read more

Economics Grade 12 2020 November Exam Paper and Memo

Economics Grade 12 2020 November Exam Paper and Memo: List of Economics Grade 12 2020 November Exam Paper and Memo Hello Grade 12 Learners. Modern Classroom has everything for you needed to pass your matric exams, tests, assessments, research tasks and assignments under CAPS Curriculum. Feel free to explore all resources for grade 12, such … Read more

Economics Grade 12 Mind the Gap Study Guide Download (South Africa)

This Mind the Gap study guide helps you to prepare for the end-of-year CAPS Economics Grade 12 exam. The study guide does NOT cover the entire CAPS curriculum, but it does focus on core content of each knowledge area and points out where you can earn easy marks. You must work your way through this … Read more

Economics Grade 12 Annual Teaching Plan (ATP) for 2023

Find recent Annual Teaching Plans (ATP) for 2023 Economics Grade 12. Annual Teaching Plans are prescribed by the Department of Basic Education of South Africa. The ATP document for Economics Grade 12 is a pdf downloadable document. falls within the of education level. What are Annual Teaching Plans used for? Annual Teaching Plans (ATP), are … Read more

Economics Grade 12 Study Guide pdf free Download

Economics Grade 12 Study Guide pdf free Download: The Economics exam consists of TWO × 11⁄2 hour papers of 150 marks each. The paper consists of SIX questions divided into three sections. Question ONE is COMPULSORY. There are FIVE other questions from which THREE must be answered. The detailed requirements for each section are shown … Read more

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Mind the GAP Study Guide: Economics

The Department of Basic Education has pleasure in releasing the second edition of Mind the Gap study guides for Grade 12 learners. These study guides continue the innovative and committed attempt by the Department of Basic Education to improve the academic performance of Grade 12 candidates in the National Senior Certificate (NSC) examination. The second edition of Mind the Gap is aligned to the Curriculum and Assessment Policy Statement (CAPS).

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Most of the exam papers are available in English and Afrikaans

Summaries for Gr 12 Economics

There were no June exams, due to Covid

All videos and live-demonstrations on our course were performed in ‘Surgeon’s view’ (Fig.  1b ). This reduces cognitive overload as the student is able to directly emulate the steps of the skill rather than needing to mentally invert the process prior to task execution. Several authors have discussed the benefits of ‘Surgeon’s view’ camera angle for teaching of surgical skills and procedures [ 11 ,  14 , 15 , 16 ]. Co and Chu [ 11 ] placed their camera device behind the instructor when demonstrating the skill live. Out of the 30 students who participated in their study, 21 rated their view of surgical knot tying demonstrations between 7-10 out of 10 (Likert scale). Bizzotoo et al. [ 14 ], Nair et al. [ 15 ] and Chao et al. [ 16 ] discuss the utility of a head-mounted, commercially available camera device for teaching surgical procedures (GoPro®). Bizzotoo et al. [ 14 ] and Nair et al. [ 15 ] used their device to record surgical procedures and then edited the videos for the purposes of teaching. Both reported head-mounted camera angles as ideal for teaching, as the field of view of the surgeon was reproduced in the video recordings. A downside however, was that when the surgeon changed positions, for instance bending or stooping, the view could be compromised [ 15 ]. Chao et al. [ 16 ] utilised live-streaming of surgical procedures to create a virtual elective during the pandemic. Students were able to interact with the operating team during the procedures, promoting learning through engagement.

Our study has some limitations. Firstly, our results are based on the online delivery of an ophthalmic surgical skills session delivered to a small student cohort. We did not directly compare online delivery with face-to-face delivery of surgical skills teaching to see if one method is superior to the other in terms of gaining skills competency. Due to the pandemic, the majority of the teaching delivered was virtual, synchronous and didactic teaching and so a virtual interactive practical skills session may have been rated more favourably by the students. To account for this, we collected pre- and post- session questionnaires. We were also not able to formally assess student competency in the skills taught to provide a more objective measure of skills attainment. The majority of students in this cohort are pursuing an ophthalmic career and therefore may be more motivated to acquire surgical skills than a more generalised audience. However, the skills taught ranged from basic (tying a reef knot) to advanced (trabeculectomy releasable suture), indicating that online delivery can be utilised to teach a range of skills to students of varying levels; including those in postgraduate ophthalmic residency training.

In conclusion, we demonstrate the successful delivery of a virtual ophthalmic surgical skills session in terms of attainment of skills and student satisfaction. Detailed preparation of teaching and high instructor-to-student ratios are required for success. By conducting this session online we were able to widen accessibility and participation, which has future implications for surgical skills teaching and its reach.

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Economics Grade 12 Mind the Gap Study Guide Download

This Mind the Gap study guide helps you to prepare for the end-of-year CAPS Economics Grade 12 exam. The study guide does NOT cover the entire CAPS curriculum, but it does focus on core content of each knowledge area and points out where you can earn easy marks.

You must work your way through this study guide to improve your understanding, identify your areas of weakness and correct your own mistakes. To ensure a good pass, you should also cover the remaining parts of the curriculum using other textbooks and your class notes.

We are confident that this Mind the Gap study guide can help you to prepare well so that you pass the end-of-year exams. The importance of your success cannot be over-emphasised. You form part of the future generation, and we all hope for a better future, a future where all our young South Africans can enjoy a high standard of living. 

Economics Grade 12 Essays pdf download

Overview of the exam for CAPS Economics Grade 12

The Economics exam consists of TWO × 1½ hour papers of 150 marks each. The paper consists of SIX questions divided into three sections. Question ONE is COMPULSORY. There are FIVE other questions from which THREE must be answered. Download Economics Grade 12 Mind the Gap Study Guide

Download the Study Guide

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Requirements to pass Grade 12 | Matric

Hey,  Grade 12  Learner! Do you know what it takes to obtain your Grade 12 Certificate ?  All matric students in South Africa are required to register to write at least 7 subjects and they may not fail more than one subject. Failing more than one subject means you have failed matric . Thus, in order to pass you need to meet the following requirements:

• Obtain at least 40% for your Home Language
• Pass two other subjects with 40%
• Get 30% for three other subjects

Career Times is here for you:  We have compiled all useful career resources for you to take your career to the higher levels, such as: Schools Directory , Career Options , Jobs , as well as study resources for other Grades ( Grade 11 , Grade 10 , and Grade 12 ) All the best!

• Accounting Grade 12 past papers and revision notes
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This is your year to pass with distinction!!!

Your meory plays a very importantpart in the learning process. In order for information to be stored in long-termmemory, it first needs to pass through your short-term or working memory. This stage of memory is limited in the amount of information it can retain. Information you receive in class must be  written down  or you will forget it. When revising from your textbooks, seek out the important information and write it down. Organise it logically. Reduce it to key terms or a form that is easy to remember.  NB: Take online Quizzes and Tests for different  Grade 12  Subjects on:  modernclassroom.co.za

We have organised all  grade 12  resourcesfor you so that youdont struggle. Check below very usefull resources for your studies even beyond Grade 12:

List of all Grade 12 exam past papers, Memos, and Revision Notes

List of bursaries to apply for, to finance your studies

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THE ROLE OF THE PUBLIC SECTOR GRADE 12 NOTES - ECONOMICS STUDY GUIDES

• Key concepts
• Composition and neccessity
• Problems of public sector provisioning
• Objectives of the public sector and its budgets
• Fiscal policy
• Public sector failure

The public sector, also known as the state or government, is responsible for providing certain goods and services to citizens. It also determines the policy regarding these goods and services at national, regional and local levels. The public sector is also involved in the delivery of social security, public facilities and policing. Overview

3.1 Key concepts

These definitions will help you understand the meaning of key Economics concepts that are used in this study guide.

Make mobile notes to learn these terms and definitions. Instructions for how to make mobile notes are on page xiv.

3.2 Composition and neccessity

3.2.1 Composition

• National/central government Concerned with national issues e.g. health, defence, education safety and security. Also includes non-profit organisations, e.g. SABS and CSIR.
• Provincial/regional government Concerned with the administration of the nine provinces and economic issues specific to the region.
• Local government Concerned with local issues within a town for municipal area. E.g. electricity delivery, libraries, traffic control and refuse removal.
• Public corporations State-owned enterprises (SOEs) that provide public goods and services, such as Eskom, Transnet and SABS.

3.2.2 Necessity of the public sector

• Community goods Goods of which there is a complete supply or none, e.g. defence, police.
• Collective goods Differ from community goods as fees, charges or tolls can be levied to exclude free-riders, e.g. beaches, drainage, parks.
• Merit goods Goods provided by the state, because it is believed that they would be under-supplied if their provision was left entirely to market forces. E.g. education, health care, research.
• Government has to intervene to protect the environment if the environment is exposed to insensitive and even carless use it may be damaged.
• E.g. the oceans for fishing, the air we breathe; natural scenery.
• Ensures a social and legislative environment.
• Apply suitable and credible economic and development policies.
• Promote policies that ensure equal opportunity for all members of society.
• Limit anti-competitive behaviour.

A mnemonic can help you remember these problems:

3.3 Problems of public sector provisioning

Learn these six problems of public sector provisioning: 3.3.1 Accountability

• Government is required to make and implement policies. Accountability is underpinned by ministerial responsibilities, parliamentary questioning, treasury control and the Auditor-general.
• Public servants are required to give an explanation of their decisions and actions.
• The public holds government accountable for the effective delivery of services and the implementation of policies.

3.3.2 Efficiency

• Efficient provisioning: Public servants provide the public with goods and services promptly and in the desired quantity and quality.
• Inefficient provisioning: Public servants fail to deliver services to the public because of bureaucracy, incompetence and corruption.

3.3.3 Assessing of needs

• Government provides goods and services according to the needs of people. Assessing these needs is difficult.
• Market forces determine the price of goods and services in the private sector.
• State enterprises are not subjected to the forces of demand and supply.

3.3.4 Pricing policy

• Free of charge: Certain services are provided free of charge from taxes, e.g. public health services. (Tax revenue is used to cover the costs.)
• Price value: It is difficult for government to establish the correct pricing.
• Paid services: People pay for some services, e.g. TV licences.
• Subsidised products: The public pay less for goods because government subsidises (pays towards) the cost, e.g. the price of bread is subsidised by government.

3.3.5 Parastatals

• State Owned Enterprises (SOEs) can be created as a result of nationalisation.
• Service provisioning: SOEs support service delivery, e.g. Eskom, SABC and Transnet. Can lead to monopolies, high prices and inefficiency.
• Infrastructure provisioning: SOEs provide essential infrastructure, especially when there are insufficient funds in the private sector, e.g. the road network.
• Limited liability: SOEs have limited liability in South Africa because they are financially supported by government.

3.3.6 Privatisation/Nationalisation

• Privatisation refers to the transfer of functions and ownership from the public to the private sector.
• The aim of privatisation is to reduce the relative size of the public sector.
• Privatisation stimulates growth and improves the overall efficiency and performance of the economy.
• Privatisation provides additional funds to the government.
• Privatisation attracts foreign investment.
• It is the process whereby the state takes control and ownership of privately-owned assets and private enterprises.
• Some argue that the state-owned enterprises e.g. ESKOM should be privatised.

3.4 Objectives of the public sector and its budgets

3.4.1 Objectives Economic growth

• Refers to an increase in the production of goods and services.
• Measured in terms of Real GDP.
• For economic growth to occur, the Economic growth rate must be higher than Population growth.
• Growth and development in a country benefits its citizens because it often leads to a higher standard of living.

Full employment

• It is when all the people who want to work, who are looking for work must be able to get work.
• A high level of employment is the most important economic objective of the government.
• The unemployment rate increased over the past few years.
• Informal sector activities must be promoted because it is an area where employment increases.
• GEAR as a strategy was implemented to create a positive climate that was conducive to employment creation by the private sector.

Exchange rate stability

• Effective Fiscal and Monetary policy can be used to keep the exchange rate relatively stable.
• Depreciation and appreciation of the currency creates uncertainties for producers and traders and should be limited.
• The SARB changed the Exchange rate from a Managed floating to a Free floating exchange rate.

Price stability

• Stable prices lead to better results in terms of job creation and economic growth.
• The SARB inflation target is 3% – 6% and have been successful in keeping inflation within this target.
• Interest Rates, based on the Repo Rate are the main instruments used to achieve price stability.
• A stable budget deficit also has a stabilizing effect on the inflation rate.

Economic equity

• Redistribution of income and wealth is essential.
• South Africa uses a progressive income tax system – taxation on profits, taxation on wealth, capital gains tax and taxation on spending, are used to finance free services.
• Free social services are basic education; primary health and to finance basic economic services. E.g. Cash Grant to the poor, e.g. child grants and cash grants to vulnerable people, e.g. disability grants.
• Progressive taxation means that the higher income earners pay higher/more tax.

3.4.2 Budgets Definition

• It is a document with expected income and projected expenditure.
• The budget is the most important item on the economic calendar.
• The main budget is read in Parliament during February by the
• Minister of Finance.
• It is authorised in Parliament and signed by the President, and it becomes law.
• The financial year of the government runs from 1 April to 31 March the following year.
• The main source of income for the State is Revenue Tax.

Different types of budgets

• Medium Term Expenditure Framework (MTEF)
• The Minister of Finance delivers it in the last week of October.
• The Medium Term Budget Policy Statement (MTBPS) – the Minister of Finance informs Parliament of any changes that have occurred since February.
• The Medium Term Expenditure framework (MTEF) requires that the state sets budgets over a three-year period, consisting of rolling expenditure and revenue projections.
• This is set against the backdrop of economic and fiscal goals and prospects for the economy.

The Main (national) Budget

• Is the statement of government’s planned expenditure and anticipated income for the fiscal year.
• Minister of Finance finalises the budget.
• Financial – Cabinet decides whether taxes have to be increased or decreased.
• Economic – Cabinet must know the needs or requirements in the economy.
• Political – Political parties use the budget to implement their policy.

The Provincial Budget

• They are the main beneficiaries from tax income collected by the government.
• Money paid to Provinces is based on equitable share and conditional grants.
• Each province set up its own budget and presents it to the provincial legislator.
• Financial year of provinces runs from 1 April – 31 March the following year.
• Education (51%) – based on size of the school age population and the number of learners enrolled for the last 3 years.
• Health (19%) – based on the portion of population who do not have access to basic medical services.
• Basic Share (15%) based on each province’s share of total population of the country.
• Institutional component (5%) – divided equally amongst provinces.
• Poverty component (3%) – based on the number of people who are poor in the province.
• Economic output component (1%) – determined by the Province’s contribution to GDP of the country.
• Provinces may levy taxes, duties, grants, fines and surcharges.
• Conditional grants: these are given to the provinces to promote national priority spending and to assist them in complying with national norms and standards.

3.5 Fiscal policy

Fiscal policy can be defined as the action taken by government in respect of taxation, government spending and borrowing in order to influence economic activity. 3.5.1 Features

• Central government determines economic and social goals during the budgetary process.
• The budget is used to realise these economic and social goals.
• Fiscal policy is the main demand-side policy.
• The government improves infrastructure to support fiscal policy.
• Business cycles have an effect on fiscal policy decisions.
• During an upswing profits increase, and as a result government income increases.

3.5.2 Composition

• Instruments of fiscal policy are taxation and government spending
• When Income and expenditure are equal = a balanced budget
• When Income is more than expenditure there will be a budget surplus
• When expenditure is more than income there will be a budget deficit

Expenditure Government spending is classified in 2 main ways:

• Functional classification: Social; Protection; Economic; Interest; General.
• Economic classification: Current payments; Transfers and subsidies; Payment for capital assets.

Government spends money to provide public and merit goods and services free of charge or at a subsidised price.

• To pay interest on government debt.
• To redistribute income.
• To influence aggregate demand and supply.

Taxation Government imposes tax for the following reasons:

• To raise income to cover expenditure
• To discourage the use of demerit goods
• To convert external cost into private cost
• To discourage imports
• To redistribute income
• To influence the level of aggregate demand and aggregate supply

Borrowing (State debt)

• The main budget must always balance. If there is a deficit, loans are made to balance it.
• If there is a surplus, the money is used to pay off state debt.
• Loans add to loan debt, also known as public debt.

3.5.3 Effects

• Progressive tax system: Fiscal policy aims to achieve a more even distribution of income.
• Regressive tax system: Fiscal policy causes an uneven distribution of income.
• Proportional tax system: Fiscal policy uses this when it does not wish to disturb the existing distribution of income.
• Direct and indirect taxes influence people’s disposable income and spending patterns.
• An increase in taxes will cause spending to decrease especially when savings are low.
• Direct tax reduces inflationary pressure.
• A rise in indirect taxes will raise the general price level.
• High and progressive income tax rates discourage people from entering the labour market, from accepting promotions, and from working longer hours.
• At point 0, average tax rate is 0 and tax revenue is 0.
• As the tax rate increases, the tax revenue will also increase up to a certain point. The curve will slope upward then peak at T.
• Maximum tax revenue is at point R (the peak) and the best tax rate is at point T.
• The state earns maximum revenue at point B.
• If the tax rate increases from T to T1 then the tax revenue will decrease from R to R1.
• People work less as a result of the higher tax rate.
• If taxation decreases to T2, the government may receive less revenue, but people may have more money to save and spend.

Discretion The Minister of Finance use his discretion on fiscal decisions e.g. how much to reduce income tax. Rules are:

• deficit rule: not to exceed 3% of GDP
• borrowing rule: only for capital expenditure
• debt rule: not to exceed 60% of nominal GDP.

3.6 Public sector failure

3.6.1 Characteristics/features Ineffectiveness

• Missing targets, example regarding inflation, growth and employment.
• Incompetence in using monetary and fiscal policy and harmonising them.

Inefficiencies

• Wasting resources, such as taxpayers’ money.
• These may occur in relation to protection and social, economic and administrative services for which money is voted in the budget.

3.6.2 Reasons Public sector failure occurs when the public sector fails to provide goods and services to the people. There are many reasons for public sector failure. Some of these are: Management failure Ignorance, e.g. lack of leadership, experience and training, might result in the improvement of the welfare of someone at the expense of someone else.

Apathy Government officials show little or no interest in delivering an efficient service to the public. There is no accountability. Corruption and poor service delivery are some of the symptoms of apathy.

Lack of motivation Workers rarely receive incentives for successful service delivery, but are only monitored on inputs and correctly following procedures and processes. This might lead to limited services, high cost and low quality.

Bureaucracy Bureaucrats tend to obey rules and regulations without judgement. They tend to be more interested in obeying the rules than the efficient delivery of goods and services to the people.

Structural weaknesses Objectives are not met. Some objectives may work against each other, e.g. government redistributes income and wealth too aggressively.

Special interest groups  Attempts by interest groups such as farmers or organised labour to influence government to their own advantage.

3.6.3 Effects Allocation of resources When the government fails an optimal allocation of resources is not achieved and consequently resources are wasted.

Economic instability Government failure can lead to macroeconomic instability. Government is unable to use fiscal policy effectively.

Distribution of income If government fails to use the tax system effectively then there will be an unfair distribution of income in the economy.

Social instability When the public sector fails to deliver the required social services to the poor, the economy can be destabilised.

Activity 1 Figure 3.2 below is a news article on the National Budget 2012. Study the information and answer the questions that follow.

Figure 3.2: A news article on the National Budget 2012

• To which economic concept does “Improving the quality of life…” refer to? (2)
• From the extract, name TWO macroeconomic aims (objectives) reflected in the 2011/12 Budget. (2 × 2) (4)
• Which THREE departments received the largest allocation according to the graph? (3 × 2) (6)
• Give TWO reasons why government spent more on education in 2012 than last year. (4)
• Name TWO priorities that are included in the money allocated for social protection. (2 × 2) (4) [20]

Activity 2 Classify each of the following activities according to CENTRAL/NATIONAL; PROVINCIAL; LOCAL GOVERNMENT and PUBLIC CORPORATIONS.

• Traffic control (1)
• Inflation target (1)
• RDP housing (1)
• Education (1) [7]

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Grade 12 Economics

The following topics make up each of the TWO exam papers that you write for the Economics examination:

• Macro-economics: Circular flow, Business cycles, Public sector, Foreign exchange markets, Protectionism and Free Trade
• Micro-economics: Perfect markets, Imperfect markets, Market failure
• Economic pursuits: Growth and Development, Industrial development policies, Economic and social performance indicators
• Economics issues: Inflation, Tourism, Environmental sustainability

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