economics grade 12 term 2 assignment 2021 memorandum

Latest Economics Grade 12 Past Papers, Memos, and Study Guides for 2021, 2020, 2019 and more

[vc_row][vc_column][vc_column_text]Latest Economics Grade 12 Past Papers , Memos, and Study Guides for 2021, 2020, 2019 and more: On this page, you will find learning materials ( Previous Papers, Notes, Lessons Practicals, Assessments – SBA,  Assignment questions and answer memos , Tests and Research Task s)  for CAPS and  IEB ( The Independent Examinations Board, or IEB, is a South African independent assessment agency which offers examinations for various client schools , mostly private schools. It is most prominent in setting examinations for the school-leaving National Senior Certificate, or NSC for its client schools ). The IEB offers support in terms of the CAPS curriculum examinations and sets tests and exams according to the CAPS guidelines, as well as memorandums and assessments, moderations and marking groups. It is therefore, a private examination setting and support agency.

On this page, you will also find exemplars preparatory previous exam papers and memos for: Gauteng , Limpopo , Western Cape , Eastern Cape , Northern Cape , Kwazulu Natal , Mpumalanga , Free State , and North West Province. Learning material are in Both English and Afrikans where possible (Term 1, Term 2, Term 3, and Term 4).

Requirements to pass Grade 12 | Matric in 2021

Hey, Grade 12 Learner! Do you know what it takes to obtain your Grade 12 Certificate?  All matric students in South Africa are required to register to write at least 7 subjects and they may not fail more than one subject. Failing more than one subject means you have failed matric. Thus, in order to pass you need to meet the following requirements:

• Obtain at least 40% for your Home Language
• Pass two other subjects with 40%, an
• Get 30% for three other subjects

Useful Tip: Manage your time properly. Don’t waste time on questions you are unsure of. Move on and come back if time allows.

Hey,  Grade 12  Learner! Do you know what it takes to obtain your Grade 12 Certificate?  All matric students in South Africa are required to register to write at least 7 subjects and they may not fail more than one subject. Failing more than one subject means you have failed matric. Thus, in order to pass you need to meet the following requirements:

Useful Tip:  Manage your time properly. Don’t waste time on questions you are unsure of. Move on and come back if time allows List of  Economics Grade 12 Past Papers, Memos, and Study Guides for 2021, 2020, 2019 and more

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Summaries for Gr 12 Economics

There were no June exams, due to Covid

All videos and live-demonstrations on our course were performed in ‘Surgeon’s view’ (Fig.  1b ). This reduces cognitive overload as the student is able to directly emulate the steps of the skill rather than needing to mentally invert the process prior to task execution. Several authors have discussed the benefits of ‘Surgeon’s view’ camera angle for teaching of surgical skills and procedures [ 11 ,  14 , 15 , 16 ]. Co and Chu [ 11 ] placed their camera device behind the instructor when demonstrating the skill live. Out of the 30 students who participated in their study, 21 rated their view of surgical knot tying demonstrations between 7-10 out of 10 (Likert scale). Bizzotoo et al. [ 14 ], Nair et al. [ 15 ] and Chao et al. [ 16 ] discuss the utility of a head-mounted, commercially available camera device for teaching surgical procedures (GoPro®). Bizzotoo et al. [ 14 ] and Nair et al. [ 15 ] used their device to record surgical procedures and then edited the videos for the purposes of teaching. Both reported head-mounted camera angles as ideal for teaching, as the field of view of the surgeon was reproduced in the video recordings. A downside however, was that when the surgeon changed positions, for instance bending or stooping, the view could be compromised [ 15 ]. Chao et al. [ 16 ] utilised live-streaming of surgical procedures to create a virtual elective during the pandemic. Students were able to interact with the operating team during the procedures, promoting learning through engagement.

Our study has some limitations. Firstly, our results are based on the online delivery of an ophthalmic surgical skills session delivered to a small student cohort. We did not directly compare online delivery with face-to-face delivery of surgical skills teaching to see if one method is superior to the other in terms of gaining skills competency. Due to the pandemic, the majority of the teaching delivered was virtual, synchronous and didactic teaching and so a virtual interactive practical skills session may have been rated more favourably by the students. To account for this, we collected pre- and post- session questionnaires. We were also not able to formally assess student competency in the skills taught to provide a more objective measure of skills attainment. The majority of students in this cohort are pursuing an ophthalmic career and therefore may be more motivated to acquire surgical skills than a more generalised audience. However, the skills taught ranged from basic (tying a reef knot) to advanced (trabeculectomy releasable suture), indicating that online delivery can be utilised to teach a range of skills to students of varying levels; including those in postgraduate ophthalmic residency training.

In conclusion, we demonstrate the successful delivery of a virtual ophthalmic surgical skills session in terms of attainment of skills and student satisfaction. Detailed preparation of teaching and high instructor-to-student ratios are required for success. By conducting this session online we were able to widen accessibility and participation, which has future implications for surgical skills teaching and its reach.

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ECONOMICS PAPER 1 GRADE 12 MEMORANDUM - NSC EXAMS PAST PAPERS AND MEMOS MAY/JUNE 2021

ECONOMICS PAPER 1 GRADE 12 NATIONAL SENIOR CERTIFICATE EXAMINATIONS MAY/JUNE  2021

SECTION A (COMPULSORY)

1.1.1 B – Kitchin ✓✓ 1.1.2 D – depreciation ✓✓ 1.1.3 D – infant ✓✓ 1.1.4 C – real flows ✓✓ 1.1.5 A – local ✓✓ 1.1.6 C – Expanded Public Works Programme ✓✓ 1.1.7 B – social ✓✓ 1.1.8 A – corridor ✓✓ (8 x 2) (16)

1.2.1 B – a complete ban imposed on the importing of goods from a particular country ✓ 1.2.2 C – measured from peak to peak or trough to trough ✓ 1.2.3 A – when a country engages in foreign trade and produces a given good at a lower input cost than other countries ✓ 1.2.4 D – the proportion of income that households do not consume ✓ 1.2.5 E – consumption by one person does not reduce the consumption by another person ✓ 1.2.6 H – levied on properties according to their market value ✓ 1.2.7 I – extensive increase in organized economic activity to manufacture, mine, farm and deliver services ✓ 1.2.8 F – economic goods which do not take a tangible and storable form ✓

(8 x 1) (8)

1.3.1 Phillips ✓ 1.3.2 Closed ✓ 1.3.3 Integrated Manufacturing Strategy ✓ 1.3.4 Spatial Development Initiatives ✓ 1.3.5 Specific ✓ 1.3.6 Endogenous/Keynesian✓ (6 x 1) (6)

TOTAL SECTION A: 30 SECTION B Answer any TWO of the three questions in this section in the ANSWER BOOK.

QUESTION 2: MACROECONOMICS

2.1 Answer the following questions. 2.1.1 Name any TWO examples of a strategic industry.

• energy (fuels)SASOL /Eskom✓
• iron and steel /Iscor✓
• agriculture (basic foodstuffs) ✓
• chemicals (fertilizers) ✓
• Tele-communication✓
• Vaccine manufacturers✓
• Automobile (Accept any other correct relevant response) (2 x 1) (2)

2.1.2 How does a progressive income tax system influence income redistribution?

Progressive income tax influences income redistribution by reducing the gap between the rich and the poor ✓✓ (Accept any other correct relevant response) (1 x 2) (2)

2.2 Study the table and answer the questions that follow.

2.2.1 Which year does the South African Reserve Bank currently use as the base year?

2010/2015 ✓ (1)

2.2.2 Identify the figure used to cater for errors and omissions when calculating the Gross Domestic Product at market prices.

R19 097 m ✓ (1)

2.2.3 Briefly describe the term gross domestic expenditure.

Expenditure (spending) on all goods and services produced within the borders of a country within a specific period of time. ✓✓ (Accept any other correct relevant response) (2)

2.2.4 What effect would an increase in imported clothing have on domestic textile manufacturers?

• Domestic textile manufacturers should face more competition that might force them to produce less ✓✓
• They might have less customers/market share/sales that will reduce profits ✓✓
• They might be forced to be more innovative due to high competition from foreign producers ✓✓
• Quality of their products should improve and they will become more competitive in global markets. ✓✓ (Accept any other correct relevant response)(2)

2.2.5 How does gross capital formation impact the economy positively?

• The increased capital base of the country will increase production capacity✓✓
• Gross capital formation will contribute to the growth potential of the economy through value-adding process ✓✓
• Balance of Payments problems will decrease by an increase in export production ✓✓
• Households may benefit from employment opportunities thus reducing poverty/government will achieve its goal of full employment and collect more tax revenue✓✓ (Accept any other correct relevant response) (2 x 2) (4)

2.3 Study the extract and answer the questions that follow.

2.3.1 Name the institution that promotes trade liberalisation.

World Trade Organisation / WTO ✓ (1)

2.3.2 Give ONE form of economic integration.

• Custom union ✓
• Common market ✓
• Economic union ✓
• Monetary union ✓
• Free trade area✓ (1)

2.3.3 Briefly describe the term free trade.

Free trade is when consumers and producers are free to buy goods and services anywhere in the world without restrictions ✓✓ (Accept any other correct relevant response) (2)

2.3.4 Why will import substitution have a negative effect on consumers in the long run?

• Consumers' choice will decrease as they will be limited to domestic products only ✓✓
• Consumers may pay higher prices on domestic products due to less competition ✓✓ (Accept any other correct relevant response) (2)

2.3.5 How could African countries benefit from a new free trade agreement?

• enjoying lower prices on goods and services ✓✓
• enjoying free movement and job opportunities across borders ✓✓
• specialising in the production of goods where they enjoy a comparative advantage ✓✓
• producing goods in large quantities that comes as a result of specialisation ✓✓
• producing better quality products due to improved innovation ✓✓
• improving relationships through mutual gains from the exchange of goods among themselves ✓✓
• improving consumer welfare as a result of more choice of goods and services ✓✓ (Accept any other correct relevant response) (2 x 2) (4)

2.4 With the aid of a correctly labelled graph, explain the effects of demand-side policies to stimulate economic activity during a recession. 

• Demand-side policies involve expansionary monetary such as a decrease in interest rates that encourage borrowing that would increase consumption an investment. ✓✓
• Expansionary fiscal policy that involves a decrease in tax and an increase in government spending will increase spending as well. ✓✓
• Both policies will result in a shift aggregate demand from AD to AD1 while aggregate supply remains at AS. ✓✓
• Real GDP will increase from Q to Q1 when aggregate demand increases✓✓
• The general price level will increase from P to P1 ✓✓
• The demand-side policies maybe used to stimulate economic growth although inflation may increase ✓✓ (Accept any other correct relevant response) (A maximum of 4 marks will be allocated for mere listing of facts/examples) (Max 4) (8)

2.5 How could an increase in investments contribute towards a higher national income in the economy?

• Investments will benefit national income by:
• increasing the capital base of the economy, to expand the production capacity ✓✓
• creating more job opportunities and increasing income levels of households, stimulating aggregate demand ✓✓
• increasing competition when new businesses are established, resulting in increased efficiency in production ✓✓
• encouraging the introduction of new production technologies resulting in higher productivity ✓✓
• expanding the tax base for the government, leading to higher tax revenue/ to finance infrastructure development projects ✓✓
• increasing the competitiveness of local businesses on global markets/ stimulating the demand for exports ✓✓ (Accept any other correct relevant response) (A maximum of 2 marks will be allocated for mere listing of facts/examples) (8) [40]

QUESTION 3: ECONOMIC PURSUITS

3.1 Answer the following questions.

3.1.1 Name any TWO examples of Industrial Development Zones in South Africa.

• Coega (steel and auto) ✓
• OR Tambo International Airport (high tech) ✓
• East London (vehicles) ✓
• Richards Bay (metals) ✓
• Mafikeng IDZ ✓
• Saldanha Bay (steel) ✓
• Dube Trade Port ✓ (2 x 1) (2)

3.1.2 How can Public Private Partnerships contribute more to regional development?

• PPPs stimulate the development of infrastructure in underdeveloped areas ✓✓ (Accept any other correct relevant response) (1 x 2) (2)

3.2 Study the extract and answer the questions that follow.

3.2.1 Identify the institution that promotes small businesses.

Small Enterprise Development Agency / SEDA ✓ Small Enterprise Finance Agency / (SEFA) ✓ (1)

3.2.2 Which economic challenge is addressed by Small, Medium and Micro Enterprises in the economy?

• Unemployment /employment✓
• Poverty/distribution of income ✓
• Address economic and social inequalities✓ (Accept any other correct relevant response) (1)

3.2.3 Briefly describe the term employment.

When people between 15 and 65, who are willing and able to work, find jobs and in return receive a wage or salary for services provided ✓✓ (Accept any other correct relevant response) (2)

3.2.4 How do Small Medium and Micro Enterprises benefit from the Small Business Support Programme?

• SMMEs receive a tax-free cash grant for investment in industries ✓✓
• New or expanding businesses will receive the grant for three years, after which the company is expected to be self-sustaining ✓✓
• Provision of business advise and related services✓✓
• They access platforms which provide the business infrastructure support and a regulatory environment that enable entrepreneurs to thrive. ✓✓
• They access platforms which provide the business infrastructure support and a regulatory environment that enable entrepreneurs to thrive. ✓✓ (Accept any other correct relevant response) (2)

3.2.5 What are the challenges in implementing Broad-based Black Economic Empowerment?

BBBEE faces the following challenges:

• the majority of people do not have finances to buy shares to participate in the ownership / shareholding of companies ✓✓
• rural and local communities do not all have access to economic opportunities. ✓✓
• corruption in the awarding of contracts, resulted in few people benefitting from BBBEE ✓✓
• fronting resulted in many people failing to benefit from the policy ✓✓
• a lack of skills and necessary knowledge led to many black women and youth not being able to occupy top management strategic positions in companies ✓✓ (Accept any other correct relevant response) (2 x 2) (4)

3.3 Study the diagram and answer the questions that follow.

3.3.1 Which focus area provides economic infrastructure for industrial development?

Special Economic Zones / SEZs /Spatial Development Initiatives/SDIs✓ (1)

3.3.2 Name the Industrial Development Policy that sets out the government's broad approach to industrial development.

National Industrial Policy Framework / NIPF ✓ (1)

3.3.3 Briefly describe the term innovation.

The incorporation of new ideas into production processes ✓✓ (Accept any other correct relevant response) (2)

3.3.4 How does industrial development promote entrepreneurship in the economy?

Industrial development:

• encourages entrepreneurs to exploit the world economy to trade and acquire knowledge ✓✓
• boosts improved innovation and technology ✓✓
• motivates entrepreneurs to establish large scale production ✓✓ (Accept any other correct relevant response) (2)

3.3.5 What are the challenges faced by the Industrial Policy Action Plan?

• A lack of policy coherence and programme alignment ✓✓
• The opening-up of the economy to a diversity of participants has not happened ✓✓
• Concentration and vertical integration within sectors has increased since 1994, reinforced by high barriers to entry. ✓✓
• High private sector input costs – steel, chemicals and products in the plastics value-chain - remains a continuing constraint on the competitiveness of SA manufacturing. ✓✓
• Continued escalation of electricity costs ✓✓
• High port charges and inefficiencies are a significant barrier and constraint on the export of value-added goods ✓✓
• Current structure of the SA economy is ill suited to the creation of large numbers of jobs at appropriate skill levels. ✓✓
• Inadequate state support for investment, upgrading, innovation and technology✓✓ (Accept any other correct relevant response) (2 x 2) (4)

3.4 Discuss the general benchmark criteria for regional development.

• Good governance requires democratic decision-making, transparency, financial management and control ✓✓
• An integrated approach to ensure that the benefits of one region spill over to other industries and areas ✓✓
• Partnerships should be built between central government and the private sector ✓✓
• Provision of resources should be sufficiently provided in poorly resourced areas ✓✓
• Competitiveness requires that industries and businesses established as a result of regional policies should not need ongoing financial aid from the government ✓✓
• Development of people, for people, by people aims to serve people by training, education, improving productivity and providing essential goods and services to raise the standards of living in regions. ✓✓
• Development from below is necessary to concentrate on issues at grass roots level where most urgent human needs exist. It starts by dealing with poverty. ✓✓
• Total development as a multi-dimensional process: Treat development from a global perspective covering all human life, including the interaction of special forces in a community✓✓, e.g. education, health, nutrition✓ (Accept any other correct relevant response) (A maximum of 4 marks may be allocated for the mere listing of facts / examples) (4 x 2) (8)

3.5 Evaluate the use of supply-side measures in solving the persistent low economic growth in South Africa.

Supply-side measures have been successful in solving low economic growth by:

• offering incentives, such as cash grants and subsidies to enhance export promotion / attract private sector investments and FDIs ✓✓
• lowering tax rates to motivate people to work harder to increase their income / increase production levels in the economy ✓✓
• lowering income tax rates may also encourage people to save more / improving availability of loanable funds for investment ✓
• increasing labour productivity through better education, training and healthcare services leads to higher production output ✓✓
• promoting (entrepreneurship), establishment of small businesses and new industries to increase competition / limit monopolies / oligopolies ✓✓

Supply-side measures still need to be improved in terms of:

• ensuring efficient and reliable supply of infrastructure services, such as transport and energy, to reduce the cost of doing business ✓✓
• reducing administrative cost, such as inspections and unnecessary regulations / by imposing simpler tax and operational regulations ✓✓
• privatising some of the state-owned assets to improve efficiency in service delivery ✓✓
• reducing government intervention by removing unnecessary rules and regulations / ensure free market operation / improve market efficiency ✓✓ (Accept any other correct relevant response) (A maximum of 2 marks may be allocated for the mere listing of facts / examples) (8) [40]

QUESTION 4: MACROECONOMICS AND ECONOMIC PURSUITS

4.1 Answer the following questions.

4.1.1 Name any TWO effects of international trade.

• specialisation ✓
• mass production /large scale production/economic growth✓
• efficiency/competition ✓
• globalisation ✓ (Accept any other correct relevant response) (2 x 1) (2)

4.1.2 How do consumers in the importing country benefit from dumping?

• Consumers will pay lower prices for imported goods ✓✓ (Accept any other correct relevant response) (1 x 2) (2)

4.2 Study the extract and answer the questions that follow.

4.2.1 Identify the account in the Balance of Payments that records exports and imports of goods and services.

Current account ✓ (1)

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4.2.2 Which commodity is recorded as a separate export item in the South African Balance of Payments?

4.2.3 Briefly describe the term terms of trade.

Terms of trade expresses a country's ratio of export prices in terms of its import prices ✓✓ (Accept any other correct relevant response) (2)

4.2.4 Explain the impact of an increase in export prices on South Africa's trade balance.

• Export earnings or the value of total exports would increase resulting in an increase in the value of the trade balance /
• Demand for exports would decrease, reducing the volume of export and the trade balance. ✓✓ (Accept any other correct relevant response)(2)

4.2.5 How can import control be used in order to correct the Balance of Payments deficit?

• BoP deficit can be corrected by imposing import tariffs and import quotas ✓✓
• Import tariffs makes imported goods more expensive thereby discouraging local markets from buying them ✓✓
• Import quota limits the amount or quantity of imports allowed to the economy ✓✓ (Accept any other correct relevant response) (2 x 2) (4)

4.3 Study the cartoon and answer the questions that follow.

4.3.1 Which government department is responsible for budgeting?

Department of Finance ✓ (1)

4.3.2 Name ONE factor that contributed to downgrading of the South African economy.

• Rising debt ✓
• Falling revenue ✓
• Widening deficit ✓
• Corruption ✓
• Low GDP growth ✓
• High unemployment ✓
• Power shortages✓
• Poor investor confidence✓ (Accept any other correct relevant response)(1)

4.3.3 Briefly describe the term affirmative action.

A policy that seeks to redress past discrimination through active measures to ensure equal opportunity, as in education and employment ✓✓ (Accept any other correct relevant response) (2)

4.3.4 What impact will South Africa's credit rating to junk status have on the economy?

• Government would have to pay more in interest, which leaves less money for services (healthcare, education) and investment in infrastructure. ✓✓
• Government would need more money to cover its basic expenses. ✓✓
• Downgrading may lead to increased taxes ✓✓
• Disinvestment may occur which leads to low economic growth and increased levels of unemployment. ✓✓ (Accept any other correct relevant response) (2)

4.3.5 How could state-owned enterprises contribute towards expanding the economy?

• Creating more job opportunities and appointing competent management. ✓✓
• Offering skills development programmes to improve productivity of existing workers ✓✓
• maintaining or servicing their machinery and equipment regularly to ensure quality service delivery ✓✓
• Dealing with corruption to reduce wastage of public funds ✓✓ (Accept any other correct relevant response) (2 x 2) (4)

4.4 Briefly discuss extrapolation and amplitude as features in the forecasting of business cycles. Extrapolation:

• Forecasters use past data e.g. trends and by assuming that this trend will continue, they make predictions about the future ✓✓
• Something unknown is estimated from facts or information that are known ✓✓
• If it becomes clear that the business cycle has passes through a trough and has entered a boom phase, forecasters might predict that the economy will grow in the months that follow ✓✓
• It is also used to make economic predictions such as future share prices✓✓ (Max 4)
• The difference between the total output between a peak and a trough ✓✓
• Measures the distance of the oscillation of a variable from the trend line ✓✓
• The intensity (height) of the upswing and downswing (contraction and expansion) in economic activity ✓✓
• A large amplitude during an upswing indicates strong underlying forces – which result in longer cycles ✓✓
• The larger the amplitude the more extreme the changes that may occur / extent of change ✓✓
• During the upswing inflation may increase from 5% to 10% (a 100% increase) ✓✓ (Max 4) (8)

4.5 Evaluate the impact of the depreciating rand on the South African economy.

A depreciating rand will positively affect the South African economy in the following ways:

• exports will become relatively cheaper thus leading to increased demand for South African goods✓✓
• Demand for South African exports such as base metals and mineral products will increase as they become relatively cheaper. ✓✓
• Foreign tourist arrivals will increase because it will be cheaper for them to spend money in South Africa. ✓✓
• Improvement in the trade balance as exports will be greater than imports. ✓✓

A depreciating rand will negatively affect the South African economy in the following ways:

• Imported production inputs such as crude oil and vehicle parts will become expensive, fuelling cost-push inflation. ✓✓
• Higher cost of imported production inputs will decrease domestic production and economic growth.✓✓ (Accept any other correct relevant response) (A maximum of 2 marks may be allocated for the mere listing of facts / examples) (8) [40]

TOTAL SECTION B:  80

SECTION C Answer any ONE of the two questions in this section in the ANSWER BOOK.

QUESTION 5: MACROECONOMICS

• Discuss in detail the objectives of the public sector. (26 marks)
• How will public sector failure negatively influence economic stability in South Africa? (10 marks)

INTRODUCTION

• The government responds to market failure by establishing and maintaining state-owned enterprises to provide public goods and services ✓✓ (Accept any other correct relevant response) (Max 2)

BODY: MAIN PART

ECONOMIC GROWTH ✓

• An increase in the production of goods and services by the economy ✓✓
• It is measured in terms of an increase in the real gross domestic product ✓✓
• Real GDP is the value of goods produced in the country after the effects of inflation have been taken into account ✓✓
• For economic development to occur, the economic growth rate must be higher than the population growth rate ✓✓
• A high economic growth rate also means there will be fewer people who are dependent on the state to satisfy their basic needs ✓✓
• The state tries to ensure that there is continual growth in this capacity because it leads to an improvement in the standard of living ✓✓

FULL EMPLOYMENT ✓

• Attaining high levels of employment is one of the most important economic objectives for all governments ✓✓
• Full employment means that all persons who would like to work and who are looking for work, should be able to find work or create work for themselves ✓✓
• The unemployment rate increased over the past few years and above 30% after Covid-19 pandemic. ✓✓
• Informal sector activities must be promoted because it is an area where employment increases✓✓
• In the short-run, the state accelerates employment creation through direct employment schemes, targeted subsidies and expansionary macroeconomic packages ✓✓
• Over the medium term the state support labour-intensive activities in the agricultural and light manufacturing sectors ✓✓
• Over the longer run, as full employment is achieved, the state supports knowledge-intensive and capital-intensive sectors to remain competitive ✓✓

EXCHANGE RATE STABILITY / BALANCE OF PAYMENTS (BoP) EQUILIBRIUM ✓

• Depreciation and appreciation of a currency create uncertainty for producers and traders and should therefore be limited ✓✓
• Government uses its monetary and fiscal policies to ensure that the exchange rate remains relatively stable for as long as possible ✓✓
• BoP equilibrium influences the flow of goods, services and capital in a country ✓✓
• Exchange rate stability has a strong impact on the inflation rate and other macroeconomic variables ✓✓
• The choice and management of an exchange rate system forms a critical aspect of economic management to protect and encourage competitiveness, macroeconomic stability and growth ✓✓
• More money inflows into a country results in a surplus on the Balance of Payments account ✓✓
• The SARB changed the Exchange rate from a Managed floating to a Free- floating exchange rate. ✓✓
• Promoting domestic production will increase exports ✓✓

PRICE STABILITY ✓

• Market economies produce better results in terms of economic growth and employment when prices are relatively stable ✓✓
• In South Africa relative price stability means that the inflation rate remains within the inflation target of 3–6% ✓✓
• Interest Rates, based on the Repo Rate are the main instruments used to achieve price stability. ✓✓
• The benefit of the inflation target is a greater degree of transparency in monetary policy ✓✓
• If inflation exceeds the upper limit of the range, the Reserve Bank must consider increasing the interest rate to cool down the heated economy ✓✓

ECONOMIC EQUITY ✓

• A redistribution of income and wealth is essential in market economies ✓✓
• There are sections of society that earn a large amount of money while others earn very little ✓✓
• Progressive income tax and tax on profits, wealth and expenditure are used to finance free social services ✓✓
• Basic education, primary healthcare, basic economic services and cash grants to poor and other vulnerable people, will enhance economic equity ✓✓ (Accept any other correct relevant response) (Max 26)

ADDITIONAL PART

The public sector failure impacts negatively on economic stability by:

• causing price instability which depress consumer spending ✓✓
• causing policy uncertainty which may reduce investors' confidence ✓✓
• increasing unemployment as the economy fails to create new job opportunities ✓✓
• discouraging exporters due to exchange rate instability ✓✓
• reducing the volume of exports which may increase the balance of payments (BOP) deficit ✓✓
• exposing the economy to a recession due to lack of real GDP growth ✓✓
• increasing the fiscal burden due to wastage of resources especially by parastatals ✓✓
• decreasing production of goods and services as parastatals/state-owned enterprises fail to supply key input services. ✓✓ e.g. energy and transport ✓
• increasing the cost of doing business in the economy as a result of inefficiencies ✓✓ (Accept any other correct relevant higher order response) (Max 10)

CONCLUSION The state plays a significant role in achieving the macroeconomic objectives by guiding the economy through the national budget ✓✓ (Accept any other correct relevant higher order conclusion) (Max 2) [40]

QUESTION 6: ECONOMIC PURSUITS 40 MARKS – 40 MINUTES

• Discuss the various economic indicators in detail. (26 marks)
• How did the COVID-19 pandemic negatively influence the South African economy? (10 marks)

Governments use different statistical data to predict economic trends and formulate suitable developmental strategies toward influencing the direction that the economy should take / Economic indicators are used to establish the performance of an economy in terms of the basic economic objectives ✓✓ (Accept any other relevant response) (Max. 2)

PRODUCTION INDICATORS ✓

Nominal GDP (at current / market prices) ✓

• Nominal GDP cannot be used because the amount tends to be overestimated (inflation) ✓✓

Real GDP (at constant prices) ✓

• The growth performance of an economy is measured in terms of real GDP figures ✓✓
• Real GDP is obtained when the effect of inflation is removed from the data ✓✓
• When nominal growth is 8% and inflation is 3% then real growth is 5% ✓✓

Per capita real GDP ✓

• Per capita real GDP is calculated by dividing the real GDP figure by the total population ✓✓
• The purpose of per capita real GDP is to indicate economic development / indicate living standards / compare living standards between countries ✓✓

PRODUCTIVITY INDICATORS ✓

Labour productivity ✓

• Watched most closely, particularly in relation to real wage increases ✓✓
• In South Africa productivity increased less than labour remuneration ✓✓
• Labour productivity is measured by dividing the real GDP by the number of workers employed ✓✓

Remuneration per worker ✓

• If productivity increases are lower than the real wage increases, inflationary pressures will occur ✓✓
• The relationship between productivity and wages is crucial for employers survive in vigorous markets and workers to survive on their salaries. ✓✓ (Accept analysis of other kind of productivity)

FOREIGN TRADE INDICATORS ✓

The terms of trade ✓

• Changes in terms of trade serve as indicator of changes that may spill over into the balance of payments and may lead to a deficit ✓✓
• Terms of trade will deteriorate, if a greater volume of exports must be produced to keep export earnings constant ✓✓

The exchange rate ✓

• Changes in an exchange rate affect the prices for imports and prices of exports ✓✓
• A depreciation of the rand against the dollar will result in US goods and services becoming more expensive domestically and earnings from exports to the US increasing ✓✓

THE INFLATION RATE ✓

Inflation can be described as an increase in the general level of prices in an economy that is sustained over a period of time ✓✓ SARB aims to keep the inflation rate stable between 3 and 6% ✓✓

The following instruments measure inflation:

Consumer prices/CPI ✓

• This is the weighted average of the prices of a general basket of goods and services likely to be bought by consumers ✓✓

Production prices /PPI✓

• Measures prices of locally produced goods when they leave the factory and imported goods when they enter the country ✓✓ Serves as an indicator to predict consumer inflation (CPI) ✓✓

EMPLOYMENT ✓

The economically active population (EAP / labour force) ✓

• The official employment ages in South Africa are between 15 and 65 who are willing to work and it includes workers in the formal sector, informal sector, employers, self-employed persons and unemployed persons ✓✓

Employment rate ✓

• The number of employed persons expressed as percentage of the EAP gives the employment rate ✓✓
• The South African employment rate was 70,9% during 2019 and is not accompanied by a similar growth in employment numbers ✓✓

Unemployment rate ✓

• The unemployment rate is expressed as the percentage of unemployed persons out of the total number of people willing and able to work ✓✓
• In South Africa the official unemployment rate was 29,1 % in 2019 and is the most important cause of poverty ✓✓

MONEY SUPPLY ✓

• Money supply is of critical importance to give early warning of likely changes in inflation ✓✓
• South African Reserve Bank defines money in different categories: M1 - coins and notes; M2 - equal to M1 plus all short- and medium-term deposits; M3 - equal to M2 plus all long-term deposits of domestic private sector with monetary institutions ✓✓

INTEREST RATES ✓

Repo rate ✓

• Repo rate: the rate at which South African Reserve Bank lends money to commercial banks ✓✓
• Interest rate is based on the repo rate; when repo rate changes interest rate also change ✓✓ (Max 26)

The COVID-19 pandemic negatively influenced the South African economy by:

• shutting down industrial and business sectors, resulted in the reduction of production of non-essential goods and service ✓✓
• slowing down economic growth that increased unemployment / loss of income ✓✓
• restricting global trade, reduced the demand for South African products ✓✓
• contributing to more balance of payments problems as exports decreased ✓✓
• reducing mining and manufacturing productivity due to operational restrictions or scale-down. ✓✓
• restricting movement of people that reduced tourism activities domestically and internationally ✓✓
• reducing tax revenue for the government led to trade restrictions on non-essential products such as alcohol and tobacco. ✓✓
• decreasing real GDP growth with a possible recession in the economy as a result of the negative impact on production of goods and services. ✓✓ (Accept any other correct relevant response) (Max 10)

The use of economic indicators is important, because analysts use the data to interpret current or future investment possibilities ✓✓ (Max 2) [40]

TOTAL SECTION C: 40 GRAND TOTAL: 150

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FS   SEPT  P1 and Memo

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GP SEPT   P1 and Memo

GP SEPT P2 and Memo

MP  SEPT P1 and Memo

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NW  SEPT P1 and Memo

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KZN June  QP and Memo

Trial  P1 and Memo

KZN  June  P2 and Memo

SEPT P1 only

 SEPT  P2 and Memo

Nov  P1 and Memo

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NSC May/JuneP1 and Memo

Economics Grade 12 Past Exam Papers and Memo (Memorandums) Pdf

Download the latest Economics Grade 12 Paper 1 and Paper 2 Past Exam Papers and Memo (Memorandums) Pdf for 2020, 2019, 2018 and beyond.

Table of Contents

Economics Grade 12 exam Guidelines

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. The detailed requirements for each section are shown below:

Paper 1 Exam Topics

MACROECONOMICS

• Circular flow • Business cycles • Public sector • Foreign exchange markets • Protectionism and Free Trade

ECONOMIC PURSUITS

• Growth and Development • Industrial development policies • Economic and social performance indicators

Paper 2 Exam Topics

MICROECONOMICS

• Perfect markets • Imperfect markets • Market failures

ECONOMIC ISSUES

• Inflation • Tourism • Environmental sustainability

List of Economics Grade 12 Past Exam Papers and Memo pdf for download

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2023 Economics Grade 12 Exam Papers and Memos

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Economics Grade 12 2023 May/June Past Papers and Memos PDF Download

Term 3: August/ September:

Term 4: November:

2022 Economics Grade 12 Exam Papers and Memos

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Term 4: November

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2020 Economics Grade 12 Exam Papers and Memos

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2019 Economics Grade 12 Exam Papers and Memos

Below are the 2019 Economics Grade 12 Exam Papers and Memos in pdf format:

• Economics Grade 12 May – June Mid Year Exam Question Papers for 2019 with Memorandum

Term 3: August/ September

• Economics Grade 12 2019 Past Exam Papers and Memos

2018 Economics Grade 12 Exam Papers and Memos

Below are the 2018 Economics Grade 12 Exam Papers and Memos in pdf format:

Term 1: Feb/March Paper 1 and Paper 2:

• Economics Grade 12 May – June Mid Year Exam Question Papers for 2018 with Memorandum

2017 Economics Grade 12 Exam Papers and Memos

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2016 Economics Grade 12 Exam Papers and Memos

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2015 Economics Grade 12 Exam Papers and Memos

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View all # EconomicsGrade 12 Study Resources

We have compiled great resources for Economics Grade 12 students in one place. Find all Question Papers, Notes, Previous Tests, Annual Teaching Plans, and CAPS Documents.

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More Questions and Answers from Previous Question Papers

What is more useful for a grade 12 learner than actual exam questions and answers from previous question papers? We have collected 100s of grade 12 questions and answers for Grade 12 subjects from all South African Provinces: Limpopo, Gauteng, Free State, North West, Eastern Cape, Northern Cape, KZN, Western Cape, and Mpumalanga. The questions and answers are for Term 1, Term 2, Term 3, and Term 4, for the following years: 2023, 2022, 2021, 2020, 2019, and 2018. Take a look at the links below , or search for more.

Economics Grade 12 past papers and revision notes 2021, 2020, 20219 and more

Economics Grade 12 past papers and revision notes: Exam Past Papers Memos, Free Pdf Downloads for Textbooks and Study Guides. English and Afrikaans Languages. Paper 1/Paper 2. 2020, 2019, 2018 (February/March, May/June, September, and November.

The past exam papers are for all South African Provinces: Gauteng, Mpumalanga, North West, Free State, Eastern Cape, Northern Cape, Western Cape, Limpopo, Kwazulu Natal.

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Grade 12 Economics Exam Paper 1 and 2 May-June 2019 and Memo English List of Grade 12 Economics Exam Paper 1 and 2 May-June 2019 and Memo English Paper 1: Paper 2 Hello Grade 12 Learners. Modern Classroom has everything for you needed to pass your matric exams, tests, assessments, research tasks and assignments under … Read more

Economics Grade 12 Essays pdf download (South Africa)

Economics Grade 12 Essays pdf download (South Africa):

DISCUSS IN DETAIL REGIONAL DEVELOPMENT IN SOUTH AFRICA IN TERMS OF THE INTERNATIONAL BENCHMARK CRITERIA.

INTRODUCTION -Regional development is the establishment of new industries in areas that are underdeveloped in order to create employment and improve the standard of living.

MAIN PART THE INTERNATIONAL BENCHMARK CRITERIA

1. Good governance. -Regional development strategies should be managed effectively and free of corruption. -Democratic decision making, transparency, financial management and control should be a culture of the organisations. -Projects should be correctly programmed, monitored and evaluated.

2. Integration. -An integrated approach, ensuring that the benefits of one region spill over to other industries and areas. -This can be in the form of infrastructure or social services.

3. Partnerships -Partnerships should be built between central government, local authorities and civil society. -These partnerships encourages commitment which leads to good results.

4. Provision of resources -Sufficient resources should be provided in resource-poor areas. -When infrastructure and human resources are available in the rural areas the business will be attracted to invest there which will lead to economic growth.

5. Competitiveness.

-Industries or business established as a result of regional policies should be competitive and not need ongoing financial aid from government. -This encourages self sufficiency and independence which in turn improves economic growth.

6. Investment in social capital. -Governments need to improve the quality of education and healthcare in a region. -Development for people involves providing essential services and goods that improve the living standard of people in a region. -Examples include food, housing and security

7. Free market orientation -The government will have to allows the forces of demand and supply to be the ones that regulates the market. – This can be done by removing barriers that block other businesses from entering the market in order to encourage competition.

8. Sustainability -The government should find measures to ensure that we do our economic activity in such a way that we do not harm the environment. -The use of local resources will also offer the most cost-effective solutions.

CONCLUSION -The South African government has entered into several agreements and projects that support development in Southern Africa for the benefit of South Africa.

Hello Grade 12 Learners. Modern Classroom has everything for you needed to pass your matric exams, tests, assessments, research tasks and assignments under CAPS Curriculum . Feel free to explore all resources for grade 12, such as Study Guides, DBE Past Exam Papers with Memos , and Speech Topics . That’s if you want to know how to pass grade 12 with distinctions in South Africa Modern Classroom

Why passing Grade 12 is very important

Grade 12 ultimately prepares you for the real world out there, and most importantly matric is your ultimate gateway for varsity. You really need good marks in Grade 12 in order to pass well and study what you like . Good Grade 12 marks means good APS Score.

The calculation of an Admission Point Score (APS) is based on a candidate’s achievement in any SIX recognised National Senior Certificate 20-credit subjects (including subjects from the non-designated subject list, e.g. CAT , Tourism , Hospitality Studies and Civil , Electrical & Mechanical Technology , etc.), by using the NSC seven-point rating scale. Life Orientation is a 10-credit subject and may not be used for calculating the APS. Life Orientation is also not a faculty-specific subject requirement.

Have you made your career choice yet?

Now that you are in your final year of studies, have you made up your mind about what career you want to pursue after matric? Have a look at below questions and click on the links for more information:

Do you know:

• If you want to study at a University or College ?
• What career do you plan to pursue after school ?
• What subjects you will need to study for this career?
• Which country do you want to study at, Canada maybe?
• How will you pay for your studies?

5 Ways to Pass Matric with Distinction?

• Teach your friends the subject you know the most. Teaching others makes you learn faster
• Manage your time properly. Learn to focus at one task at a time.
• Gather all learning material about a subject and try answering previous exam papers and tests
• Ensure you do have 8 hrs of sleep every night so that you will always be productive.
• Remove all destructions around you, such as: TV, CellPhone, Noisy people, etc. If you cant, go to the library or study at school.

Grade 12 Economics Exam Paper 1 and 2 May-June 2019 and Memo Afrikaans

Grade 12 Economics Exam Paper 1 and 2 May-June 2019 and Memo Afrikaans: Economics Paper 1 Question Paper and Memo (Afrikaans): Economics Paper 2 Question Paper and Memo (Afrikaans): Hello Grade 12 Learners. Modern Classroom has everything for you needed to pass your matric exams, tests, assessments, research tasks and assignments under CAPS Curriculum. Feel … Read more

Economics Grade 12 Mind the Gap Study Guide Download (South Africa)

This Mind the Gap study guide helps you to prepare for the end-of-year CAPS Economics Grade 12 exam. The study guide does NOT cover the entire CAPS curriculum, but it does focus on core content of each knowledge area and points out where you can earn easy marks. You must work your way through this … Read more