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OTE2601 Latest Exam Pack 2024

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Latest OTE2601 exam pack - This document will help you pass the module with ease. The document contains summary notes, previous exam/assignment questions, & answers.

Last document update: 9 months ago

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  • September 8, 2023
  • February 1, 2024
  • 125
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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,OTE2601 - ALL-IN-ONE EXAM PACK

 All answers were researched using the study guide, prescribed book and previous memos.
 Please note that human errors are possible in this document.

TABLE OF CONTENT
Summary Page 3
Study Notes Page 34
Possible Exam (Questions & Answers) Page 47
Assignments 2020 Page 75
May/June 2020 Page 80
October/November 2020 Page 82
Assignments 2021 Page 86
Assignments 2022 Page 95
January/February 2022 Page 102
October/November 2022 Page 105
January/February 2023 Page 109
Assignments 2023 Page 114
October/November 2023 Page 121

, SUMMARY

The Economic Reality

Why should primary school learners know what is happening in the South African economy?
 To educate learners economically
 To protect them against the economic problems they may encounter.
 Be informed about the world of work, and be prepared to survive in it.

Defining Economics

Economics is a social science that studies the following processes:
 Producing goods + services from limited/ scarce production means.
 Dividing the goods and services among the people
 Using them to optimally satisfy man's unlimited needs
 Achieve the maximum possible prosperity.

Production Factors

Resources used to produce goods and services:
 Natural resources - Water, gold, coal, diamonds, etc.
 Labour - Physical and mental talents of the country' s inhabitants
 Capital - Equipment and machinery
 Entrepreneurship - Ability to combine the other three production factors to deliver products.

Economic Literacy
 Involves a knowledge of the economy
 Know enough to be able to hold his/her own in the economic + work world
 Important that the learner be introduced to certain basic economic concepts.

Participants in the Economy
 Households - Individual members of the community
 Government/Authority - State
 Business enterprises - Manufacturers and providers of goods and services

The Economic Process
 Human needs takes place
 Gives rise to the production of goods or services
 The exchange of goods takes place
 Followed by consumption of goods and needs are satisfied
 Cannot consume as much as we want/need, because goods and services available are limited.
 Consumer and producer forced to make choices about what to consume and what to produce.

Production
 What needs to be produced - the consumer wants the specific producer's product and is prepared to pay for
it.
 How to produce - materials limited, careful choices to production techniques, production process be
efficient, economical
 For whom to produce - usually directed at a specific area of the consumer market

Demand and Supply
 Price of a product determines how much of the product is sold;
 Demand is not the same as need;
 Willing to pay money in exchange for their needs, their needs become demands.
 Consumer influenced by prices as well as the person who wants to produce a product.

, The South African Economic System

SA has a mixed economic system:
 A system in which traditional, command and market mechanisms all play a role.

Elements of command economy:
 Enterprises directly/indirectly owned by state (Iscor, Telkom, SABC).
 Certain prices are fixed.
 Government interfere in free movement of production factors through influx control and job reservation.

Elements of market economy:
 People free to decide what they want to do.
 As long as they obey certain rules and laws.
 Private ownership and initiative important.

Facts about a market economy:
 Have individual property rights and price system functions properly.
 Also known as Capitalist countries.
 Prices tell people what to produce, how much to produce, what skills to acquire, etc.
 Act in own-interest, you automatically act in someone else' s interest. (the invisible hand)
 People try to make money for themselves and their families. Try to convince to buy from them and not the
others.
 Competition is very important in a market economy. Try to improve product or come up with a new one.
 Price system plays important role in any modern society. Consumers really determine the prices of
products or services.
 In a market economy, the society allow s individual property rights. Who wants to sell or buy from you
and how you want to use your property.

Three coordinating mechanisms in economic systems (Rules of the economic systems):

Traditional mechanism:
 Oldest + most common
 Society members of community produce the same products,
 Use the same inputs and production techniques and
 They divide the yield amongst each other.

Command mechanism:
 Economic actions determined by a central authority
 Makes decisions what is produced,
 How it is produced and
 How it is divided.
 Was characteristic of the Soviet Union and China.

Market mechanism:
 People are free to own their own property,
 May trade in any way they choose,
 Spend their money anyway they want,
 And where the government does not control the price.

Economic Growth
 Determined by total production over a period of time.
 GNP (Gross national Product) = total good + services produces in a specific year.
 Economic growth = GNP increases.
 No grow takes place from year to year, stagnation sets in.
 When growth decreases country experiences an economic decline/slump/recession.

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