Economics Grade 9 Gauteng June 2016 Memo (English)

GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION JUNE 2016 GRADE 9 ECONOMIC AND MANAGEMENT SCIENCES MEMORANDUM 9 pages

ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION PROOFREAD DATE ___________ SIGNATURE _________________ ECONOMIC AND MANAGEMENT SCIENCES PROOFREAD DATE ___________ SIGNATURE _________________ MEMORANDUM SECTION A QUESTION 1 MULTIPLE-CHOICE QUESTIONS 1.1 1.1.1 B 1.1.2 C  1.1.3 D  1.1.4 A  1.1.5 C  (5x2) (10) 1.2 MATCHING ITEMS 1.2.1 D  1.2.2 C 1.2.3 E 1.2.4 A 1.2.5 B (5x1) (5) 1.3 TRUE OR FALSE 1.3.1 FALSE  1.3.2 FALSE  1.3.3 TRUE  1.3.4 FALSE  1.3.5 TRUE  (5x1) (5) TOTAL SECTION A: 20 2

ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 SECTION B QUESTION 2 ECONOMIC SYSTEMS 2.1 Satisfying unlimited wants and needs with limited resources.  (2) 2.2 2.2.1 Yes - Central 2.2.2 Yes/No - Semi-control 2.2.3 Government 2.2.4 Private 2.2.5 Fixed – set by government 2.2.6 Competition (demand and supply/ market) determines prices (6) 2.3 2.3.1 One advantage of globalisation is that it brings foreign investment into the country. (or ANY relevant answer) (2) 2.3.2 One disadvantage is that in developing countries they can create job losses and in very poor countries they create sweatshops.   Dumping (or ANY relevant answer) (2) [12] QUESTION 3 THE CIRCULAR FLOW 3.1 3.1.1 Businesses  3.1.2 Factor Market  3.1.3 Received Income (Revenue)  3.1.4 Factors of production (Labour, Capital, Natural Resources and Entrepreneurship) (or any relevant examples given by learners for e.g. workers/ employees can be marked) 3.1.5 Goods and Services  3.1.6 Tax  (6) 3

ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 3.2 Businesses provide goods and services to the government. In return government spends on these goods and services. Government collects taxes (Company Tax) from businesses and in return government provides public goods and services. (4) 3.3 Financial institutions (2) [12] QUESTION 4 PRICE THEORY MARKET DEMAND AND SUPPLY SCHEDULE FOR DVDs and CDs SUPPLY SCHEDULE FOR DVDs and CDs P 200 S D 180 PRICE (R)  160 140 E 120  100 S D 0 50 100 150 200 250 Q (6) QUANTITY   The one mark can only be allocated if the numbering on the graph is completed correctly. 4.2 E (equilibrium) (1) 4.3 P = R140 Q = 150 (2) 4.4 As the prices of goods and services increase, the quantity of goods and services offered by the supplier’s increases.  (2) 4.5 Direct relationship (positive ) (1) [12] TOTAL SECTION B: 36 4

ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 SECTION C FINANCIAL LITERACY QUESTION 5 JOURNALS 5.1 CASH RECEIPTS JOURNAL OF ADAMS PLASTICS – JULY 2014 CRJ1 SUNDRY ACCOUNTS ANALYSIS DOC. DAY FOL DETAILS OF BANK SALES COST OF SALES DEBTORS’ NO. CONTROL FOL RECEIPTS AMOUNT DETAILS CRT1 3 Sales 4 000 - 4 000 - 4 000 - 3 076 92 50 18 B. Baloyi 400 - 400 - 400 -   (one mark for both Doc and Day. All cents calculation if rounded off must be marked correct) (7) 5.2 CASH PAYMENTS JOURNAL OF ADAMS PLASTICS – JULY 2014 CPJ 1 DOC. SUNDRY ACCOUNTS DAY NAME OF PAYEE FOL BANK TRADING STOCK NO. AMOUNT FOL DETAILS Barack 92 11 5 200 - 4 200 - 1 000 - Stationery Wholesalers   (6) 5

ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 5.3 DEBTORS’ JOURNAL OF ADAMS PLASTICS – JULY 2014 DJ1 INV. DAY DEBTOR FOL SALES COST OF SALES NO. 35 3 B. Baloyi D1 680 - 523 07  (4) 5.4 DEBTORS’ ALLOWANCES JOURNAL OF ADAMS PLASTICS – JULY 2014 DAJ1 DEBIT DEBTORS’ NOTE DAY DEBTOR FOL COST OF SALES ALLOWANCES NO. 19 5 B.Baloyi  D1 200 - 153 84 20 11 D.Sohni  D2 60 - -  (6) [23] 6

ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 QUESTION 6 GENERAL LEDGER GENERAL LEDGER OF LIJO STORES – MAY 2014 DR DEBTORS’ CONTROL B8 CR MONTH MONTH & DAY DETAILS FOL AMOUNT & DAY DETAILS FOL AMOUNT YEAR YEAR 2014 2014 Debtors’ 31 Sales DJ1 2 164 - 31 - 300 - May May Allowances Bank CRJ1 1 500 - 1 Balance c/d  364 - 2 164 - 2 164 - June 1 Balance b/d 364 - [6] 7

ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 QUESTION 7 ACCOUNTING EQUATION ACCOUNTING EQUATION FOR ELSAC STORES – JUNE ACCOUNT CREDITED EFFECTS DAY ACCOUNT DEBITED A OE L 5 Debtors’ Allowances Debtors’ Control - - 0 Trading Stock Cost of sales + + 0   [6] TOTAL SECTION C: 35 8

ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 SECTION C ENTREPRENEURSHIP QUESTION 8 ECONOMIC SECTOR “A potato farm, must get the services of an accountant to do its books and taxes. The farmer needs fertiliser and pesticides that farming operations use in large quantities.” Primary sector Secondary sector Tertiary sector The primary sector supplies raw materials to the secondary sector to be used in the manufacturing of goods. In addition, many primary products are supplied to tertiary businesses for sale to consumers, such as fruit and vegetables, fresh fish, milk and eggs. The secondary sector supplies the primary sector with much of the equipment and consumable goods it needs to carry out its business operations.  For example, factories produce the fertiliser and pesticides that farming operations use in large quantities. The secondary industry gets its operational goods such as stationery, water and electricity, legal advice and banking services from tertiary industries.  The tertiary sector gets everything it makes available to consumers from the primary and secondary industries.  Tertiary industries supply primary, secondary and other tertiary industries with the goods and services that they need to carry out their business operations.  [9] TOTAL SECTION D: 9 TOTAL MARKS : 88 (CONVERT TO 100) 9