Economics Grade 10 - End Year Exam Demarcation

Paper 1: Macro-economics and Economic Pursuits

• Structure: $150\text{ marks}$, $2\text{ hours}$

• Module 1 (Macro-economics) Topics:

  • Basic concepts

  • Circular flow model

  • Business cycles

• Module 3 (Economic Pursuits) Topics:

  • Growth, development and globalization

  • South African economic growth and development - A historical view

  • The history of money and banking in South Africa

  • Population and Labour force

Paper 1 Essay Focus Areas

• Module 1 (Macro-economics):

  • The FOUR main economic participants in the circular flow of an open economy

  • The role of the FOUR markets in a circular flow of an open economy

  • Features of business cycles (requiring a fully labelled business cycle diagram)

  • Effects of business cycles on aggregate supply and aggregate demand, economic growth, employment, price levels/inflation rate, exchange rates, and the economically vulnerable

• Module 3 (Economic Pursuits):

  • Regulation of markets

  • Industrial development

  • South African population size

  • South African labour force

Paper 2: Micro-economics and Contemporary Economic Issues

• Structure: $150\text{ marks}$, $2\text{ hours}$

• Module 2 (Micro-economics) Topics:

  • Basic economic problem

  • Dynamics of markets

  • Public sector intervention

  • Production possibilities curve

• Module 4 (Contemporary Economic Issues) Topics:

  • Labour relations

  • Unemployment

  • Economic redress

Paper 2 Essay Focus Areas

• Module 2 (Micro-economics):

  • Perfect and imperfect markets

  • Price formation illustrated using graphs (covering equilibrium point, price, and quantity; over supply/surplus; under supply/shortage; change in demand/supply vs. change in quantity demanded/supplied; and factors causing change)

  • Methods government use to intervene in the economy

• Module 4 (Contemporary Economic Issues):

  • Unemployment in detail