Economics Memo 1 (English)

November 2021 — Grade 12 / Matric — Economics

Memo 2021 Grade 12 English Economics Hub →

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🎯 150 marks 📄 2 pages 📝 62 items found 📚 3 topics

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Q1— Section header —

1.1MULTIPLE CHOICE QUESTIONS

1.1.8capital Kuznet

1.2MATCHING ITEMS

1.2.8oney received without an productive service rendered pending by busin esses on capital goods

1.3GIVE THE TERM

1.3.6Absolute advantage Annual b udget National bu get / main budget Regressive

Q2— Section header —

2.1Answer the following questions

2.1.1Name any TWO participants of the circular flow model. Households Business sector Government

2.1.2Why does public sector failure lead to social instability? he lives of people are des tabilised, and their human rights compromised The community becomes disgruntled and start making their demands through protesting

2.2DATA REPONSE

2.2.1Identify the ba se year that the South African R eserve Bank use to compile ational

2.2.2Give the alternative term used for ross alue dded in

2.2.3Briefly describe the term gross value added The value that is added on the good at

2.2.4How are basic prices converted to ma rket prices? axes on products are added to and subsidies on products are subtracted from

2.2.5Why would economists prefer constant prices to current prices when measuring economic growth? onstant pric es are adjusted to exclude the effects of infl

2.3DATA RESPONSE

2.3.1Name the government department responsible for the formulation and implementation of fiscal poli cy. Department of Finance (1\

2.3.2Give the benchmark percentage of public debt in relation to gross dome stic product. ot more than 60% (1\

2.3.3Briefly describe the term edium erm xpenditure

2.3.4Why is there a need for government to spend more on social development? A significant number of the South African population are still livi ng in

2.3.5How can income tax brackets influence taxpayers? n increase in income can push taxpayers into higher tax brackets , if tax brackets remain the same, resulting in higher taxes.

2.4With the ai d of a correctly labelled graph explain the multiplier concept The multiplier effect occurs when a small increase in spending leads to a proportionately larger increase in national income.

2.5How can changes in terms of trade influence the South African economy? An improvement in the terms of trade

Q3— Section header —

3.1Answer the following questions.

3.1.1Name TWO methods of import substitution Tariffs ad valorem tariff, specific tariff\

3.1.2How can government use land res titution to achieve its development and redress objectives? The government can return land or pay

3.2DATA RESPONS

3.2.1Identify the energy source that relates to the burning of fossil fuels Coal (1\

3.2.2Give the index that is use d to measure society s level of development

3.2.3Briefly describe the term economic indicator Statistical data used to measure the performance of the economy statistical information used by government to

3.2.4Explain the negative impact of rural urban migration on the supply of services in urba n areas

3.2How will renewable sources of energy affect poor households in rural areas positively Cost of living for the households will decrease as they pay less for electricity/energy, resulting in an improved standard of

3.2DATARESPONS

3.3Identify the financial incentive that allows for the importing of intermediate goods without paying any tariffs. Duty free (1\

3.3.2Name any ONE special economic zone in South Africa. Coega SEZ (Eastern Cape\ Richards Bay SEZ (KZN\ East London SEZ (Eastern Cape\ Saldanha Bay SEZ (Western Cape\ Dube Tradeport SEZ (KZN\ Maluti

3.3.3Briefly describe the term corridors. corridor is a track of land that forms a passageway allowing access from one area to another and is developed as part of regional devel opment. (Accept any other correct relevant response\

3.3.4How is the government using corporate tax to attract investments into special economic zones? he government reduced corporate tax from 27% to 15% for businesses that are establis hed in SEZ

3.3.5Ex plain the importance of ublic ivate

3.4Outline the aims of regional development. Reduce unequal development of economic activities within a country Stimulate development in poorer areas revent new imbalances from emergin g / enhance competitiveness of all

3.5Analyse the environmental effects of economic activities of countries in th orth. Mass pro duction and consumption in the n orth damages the ozone layer,

Q4— Section header —

4.1Answer the following questions.

4.1.1Name any TWO international benchmark criteria for regional development. Free market operation Competitiveness Sustainability

4.1.2Why are liabilities added when calculat ing net direct investments on the financial account of the balance of payments Liabilities represent a capital in

4.2DATA RESPONS

4.2.1Identify the supply reason for international trade addressed in the extract above Natural resources Technology (1\

4.2.2Name the product explicitly recorded in the current account , due to its historic importance Gold

4.2.3Briefly describe the term mass production he production of goods in large quantities which may reduce the average cost of production. (Accept any other correct relevant response\ (2\ Economics/P1

4.2.4Explain th e reason for South African consu mers importing products that are available on domestic markets Imported products may be of better quality than local products. Imported products may be available at lower prices.

4.2.5How could natural disasters such as drought influence the South African trade balance? Reduced local agricultural production will esult in a decrease in ex ports ocal consumers will be forced to import more food product

4.3DATA RESPONS

4.3.1Identify ONE component of aggregate demand from the information above. Ex ports Household spending consumer spending (1\

4.3.2Name the employment indicator that relates to the size of the labour force in the country. Economically active population EAP (Accept any other correct relevant response\

4.3.3Briefly descri be the term economic growth An increase in the production of goods and services over time / an increase in real GDP (Accept any other correct relevant response\ (2\

4.3.4Explain the impact of an increase in consumer spending on the production of goods and services Demand of goods and services will increase, encouraging businesses to produce more

4.3.5How can mall, edium and icro nterprises (SMMEs\

4.5Analyse the challenges of the South African government in reducing the unemployment rate in the economy The South African government faces the following challenges in reducing unemployment: Corruption among state

Q5— Section header —

Q6— Section header —

Topics Identified

MicroeconomicsMacroeconomicsInternational Trade

Mark Allocation

Total150 marks

Sections40 + 40 + 40 + 40 + 40 = 200 marks

Paper information

SubjectEconomics

Year2021

SessionNovember

TypeMemo

PaperPaper 1

LanguageEnglish

Pages22

Downloads4

Examination context

Decade2020s

Years ago5y

SeasonSpring (SH)

Start dayFriday

Exam periodNovember 2021

Days since exam1,814

About Economics examination preparation

Grade 12 Economics covers microeconomics and macroeconomics. The memorandum rewards correct labelling of graphs and curves.

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economic reasoning

interpreting economic information

applying concepts

using subject terminology

structuring extended responses

A practical revision approach

Economics rewards graphical literacy — practice drawing and labelling graphs accurately. The memorandum allocates marks for correct axis labelling, curve identification, and shift analysis.

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