Economics is the study of how societies allocate scarce resources to meet the needs and wants of individuals, businesses, and governments. In Grade 12 Economics, we delve deeper into the principles and theories that guide economic decision-making, exploring topics like market structures, international trade, government policies, and economic growth. By understanding how economies function, students gain valuable insights into the complex relationships between production, consumption, and the distribution of wealth. This knowledge not only helps in analyzing real-world economic issues but also equips students with critical thinking skills necessary for informed decision-making in their personal and professional lives.
What you'll learn
- Economic Systems – Understanding different types of economic systems (market, command, mixed) and how they function.
- Supply and Demand – Analyzing the laws of supply and demand and their impact on prices and markets.
- Market Structures – Exploring different market structures like perfect competition, monopoly, oligopoly, and monopolistic competition.
- Elasticity – Studying price elasticity of demand and supply, and how it affects pricing and consumer behavior.
- Government Intervention – Learning about government policies like taxation, subsidies, and price controls.
- International Trade – Understanding the benefits of trade, comparative advantage, tariffs, quotas, and exchange rates.
- Economic Growth – Exploring the factors that drive economic growth and development within a country.
- Unemployment and Inflation – Analyzing the causes and effects of unemployment and inflation in an economy.
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The Economics exam consists of TWO × 1½ hour papers of 150 marks
each. The paper consists of SIX questions divided into three sections.
Question ONE is COMPULSORY. There are FIVE other questions from which
THREE must be answered.
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