Economics memo 2 (English)

Exemplars 2014 — Grade 12 / Matric — Economics

Memo 2014 Grade 12 English Economics Hub →

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🎯 150 marks 📄 14 pages 📝 38 items found 📚 2 topics

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Q1— Section header —

1.1MULTIPLE CHOICE QUESTIONS

1.1.8A (MC = AVC\ C (regulated\ C (implicit\ A (artificial\ B (demand pull inflation\ A (labour\ B (eco\ B (fiscal\

1.2MATCHING ITEMS

1.2.8B (items that have highly volatile prices are excluded from the CPI baske A (price increases combined with high unemployment\ (occurs due to global warming\ (the flow of residual emissions exceed s the natural environment

1.3IDENTIFY THE CONCEPT

1.3.6Oligopoly Maximum prices Marginal cost Con ervation Consumer Price Index Cost push inflation (6\ TOTAL SECTION A:

Q2— Section header —

2.1.2affirmative action land restitution land redistribution property subsidies (for RDP houses\ A dominant firm may increase the price of a product His rivals will see this as a signal to do the same and increase prices.

2.2.4The long run is the period of production where all factors can change. The time is long enough for variable and fixed factors to change The negative sloping demand curve means that more goods are sold at low prices

2.3.1A cartel is a group of producers working together to form a monopoly by fixing prices. (2\

2.3.2Oligopoly (1\

2.3.3They r eceived information when AF FSL Glass had applied for leniency or their part in collusive behavio (2\

2.3.5Consumers will pay higher prices. Competition will be eliminated which could result in poor quality goods. Supply will be reduced which will affect employment Any(2 Competition Appeal Court (4\

2.5An important aspect of non price competition is to build brand loyalty, product recognition and product differentiation This is done by means of advertising and marketing. As a result, firms tend to spend a substantial amount of money on this.

Q3— Section header —

3.1.2Museums Art galleries Archa ological sites Festivals Sports events Any other relevant fact Where government intervenes to preserve environmental assets more tourists will visit a country

3.2The environment is a common resource many parts of the environment are not privately owned e.g. the sea Externalities when people pollute the environment costs are borne by others Lack of knowledge people cause damage without realizing it

3.3.2Holiday makers with a 44,5 % share 51,1 x 37, 100 = 19% /19% (2\

3.3.3Safety Increased media coverage Interest in politics Interest in sport Improved infrastructure (2 x 2\ (4\ .3.4 Job creation

Q4— Section header —

4.1.2The product is differentiated. Use of price competition e.g. advertising. Displays a hybrid structure . It

4.2.1Inflation is a sustained and significant increase in the general price level over a period of time and a simultaneous decrease in the value or buying power of money.

4.2.2Major savings on transport cost will increase consumer consumption expenditure The consumer can redirect his consumption expenditure on other goods and services

4.2.3Reduced petrol cost could increase savings and investment in general if most of the consumer s needs are met Reduced petrol cost will not necessarily influence savings and investment if the consumer spends the extra money on goods and

4.3Market failure occurs wh n the market is not operating efficiently a firm may produce fewer goods than it is capable of. (2\

4.3Pollution Traffic con estion Any other relevant answer (1\

4.3MSC (1\

4.3Negative externalities are costs to third parties which are not include in the market price. Therefore production is at Q , If the external costs were included then production would be at Q1 which is less than Q

4.4Productive inefficiency/Technical inefficiency When resources are not used appropriately to produce the maximum number of goods at the lowest cost and best quality Allocative inefficiency When resources are not allocated in the right proportions and the product

Q5— Section header —

Q6— Section header —

1.1GDP Biggest impact on services industry than on agriculture or manufacturing Indirect contribution: service based industry responsible for 65% of GDP in developed economies and 40% of GDP in developing countries

1.2Employment Employs 7% of SA wo rkforce (1, 12 million\ largest provider of jobs and earner of foreign exchange, due to: ourism is labour intensive ourism employs many skills ourism can provide immediate employment

1.3Poverty Tourism is fast + effective distribution mechanism in development of rural areas Prime tourism attractions located in rural areas Promote balanced + sustainable form of development Provides alternative to urbanisation, permitting people to continue

1.4Externalities Has positive and negative impacts: Attracts large amounts of revenue, but can cause undue environmental damage (uses resources and produces waste\ Rapid growth aimed at short term benefits has more negative than positive

1.5Environment Industrial development has impact on physical environment in which it takes place. Creates environmental stress categories Permanent environmental restructuring (construction work on highways,

1.6Infrastructure Adequate physical, economic + basic services infrastructure essential for tourist destinations: Transport infrastructure (roads, railway lines, airports, car parks\ Communication infrastructu

Topics Identified

MicroeconomicsMacroeconomics

Mark Allocation

Total150 marks

Sections40 + 40 + 40 + 40 = 160 marks

Paper information

SubjectEconomics

Year2014

SessionExemplars

TypeMemo

PaperPaper 2

LanguageEnglish

Pages14

Downloads5

Examination context

Decade2010s

Years ago12y

Season—

Start day—

Exam period—

Days since exam—

About Economics examination preparation

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

Every available Grade 12 Economics past paper and memorandum is collected in the Economics hub at economics.freemode.co.za — browse all years, sessions and languages in one place.

How to use this resource for revision

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For stronger examination practice, complete the paper without unnecessary interruptions and keep track of the questions that take the most time. Afterwards, review the memorandum and separate knowledge gaps from mistakes caused by interpretation, calculation, structure, or examination technique.

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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Economics Paper 2 (English) →

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