Learning Area: Economic and Management Sciences
Phase: Intermediate Phase (Grades 4-6)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 learners entrepreneurial talents and potential will be unlocked and developed through learning about entrepreneurial activities and approaches.
FAQs
The content foci for EMS in the senior phase (Grades 7 to 9)1 are divided into four learning outcomes, namely the economic cycle and the perspective of the economic problem, sustainable growth and development, financial skills, and entrepreneurship principles.
What are the learning outcomes in economics? ›
Demonstrate quantitative reasoning skills.
Present an economic argument in quantitative terms. Demonstrate ability to solve systems of equations. Be able to conduct economic analysis using equations and graphs.
What are the objectives of studying economics? ›
Economics Major Learning Objectives
Students will analyze the performance and functioning of government, markets and institutions in the context of social and economic problems. Students will think critically about economic models, evaluating their assumptions and implications.
What are the specific aims of EMS? ›
To develop entrepreneurial skills: Grade 8 EMS curriculum aims to foster an entrepreneurial mindset in students. They are encouraged to think creatively, identify opportunities, and develop innovative solutions.
What are the 4 student learning outcomes? ›
The following examples of academic program student learning outcomes come from a variety of academic programs across campus, and are organized in four broad areas: 1) contextualization of knowledge; 2) praxis and technique; 3) critical thinking; and, 4) research and communication.
What do you learn in economics management science? ›
Economic and management science means the study of the efficient and effective use of different types of public, private or collective resource to satisfy people's needs and wants.
What are the 5 learning outcomes? ›
The Early Years Learning Framework (EYLF) has five learning outcomes:
- Children have a strong sense of identity.
- Children are connected with and contribute to their world.
- Children have a strong sense of wellbeing.
- Children are confident and involved learners.
- Children are effective communicators.
Learning outcomes describe the measurable skills, abilities, knowledge or values that students should be able to demonstrate as a result of a completing a course. They are student-centered rather than teacher-centered, in that they describe what the students will do, not what the instructor will teach.
What is an example of an economic outcome? ›
The dependent variable is either an economic outcome (e.g., growth, unemployment, or inflation) or a policy (e.g., budget deficit or rate of money growth), with the covariates being both economic and political indicators.
What is the objective of economic management? ›
Generally there are three major objectives of economic management: Economic growth: an increase in GDP which improves the quality of life indicators, such as purchasing power, literacy rates, and lifespan. Internal balance: price stability and full employment.
Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.
What is economics objective or goals? ›
These seven goals are economic freedom, economic equity, economic security, economic growth, economic efficiency, price stability, and full employment.
What is EMS main goal? ›
Basic EMS. An EMS helps an organization address its regulatory demands in a systematic and cost-effective manner. This proactive approach can help reduce the risk of non-compliance and improve health and safety practices for employees and the public.
What is the primary objective of EMS? ›
Answer: The main objectives of the environmental management system are to prevent pollution, meet compliance obligations and enhance conditions of the environment. sound alternatives that strengthen the organization's market position; - communicating environmental information to relevant interested parties.
What is the purpose of EMS education? ›
EMS education emphasizes the integration of EMS within the overall health care system. In addition to acute emergency care, all EMS educational programs teach illness and injury prevention, risk modification, the treatment of chronic conditions, as well as community and public health.
What are the four 4 key elements of the study of economics? ›
Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make.
What are 4 objectives of learning outcomes for the course? ›
Effective learning outcomes are student-centered, measurable, concise, meaningful, achievable and outcome-based (rather than task-based).
What are 4 types of economies we learned about? ›
Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
What are the 4 economic aims? ›
In economics, the key macroeconomic objectives are: 1) low and stable inflation; 2) sustainable economic growth; 3) low unemployment; and 4) a favourable balance of trade.
