Economics is the study of how individuals, businesses, governments and other organisations within our society choose to use scarce resources to satisfy their numerous needs and wants in a manner that is efficient, equitable and sustainable.

The purpose of economics

economics learners will be able to:

• use resources efficiently to satisfy the competing needs and wants of individuals and of society;

• understand the concept of monetary and real flows in an open economy within the confines of production,
• consumption and exchange;
• develop skills to apply demand and supply, and cost and revenue analyses to explain prices and production levels;

• understand reconstruction, growth and development, as well as a critical approach to initiatives for a fair distribution of income and wealth, human rights, and responsibilities;

• acquire an advanced Economics vocabulary that will allow them to debate and communicate the essentials of the subject;

• apply, in a responsible and accountable manner, principles that underlie basic economic processes and practices;

• explore a variety of methods and strategies to analyse and explain the dynamics of markets;

• collect, analyse and interpret production, consumption, and exchange data as well as other information in order to solve problems and make informed decisions;

• understand human rights concerns, reflect on the wealth creation process, and engage in poverty alleviation;

• analyse and assess the impact of local and global institutions on the South African economy, and

• explain economic events and forecast their consequences or predict likely future outcomes.

Time allocation for economics in the curriculum

The teaching time for Economics for Grades 10, 11 and 12 is 4 hours per week, per grade on the timetable.

Requirements to offer economics as a subject

Resources to offer Economics as a subject are the responsibility of the school.

1. Each learner should have access to:

a textbook and

stationery.

The teacher should have access to:

• a variety of textbooks for referencing
• Statistics SA and SARB Quarterly Bulletin
• SA yearbook
• SARS brochures
• Legislation, for example, the Labour Relations Act
• Business, financial and economics magazines and newspapers
• A television set (TV) and a radio
• internet (those with access to the internet)