SUMMARY
TEXTBOOK: Oxford Successful Economics Grade 11 Learner’s Book
AUTHOR: E. Basson, V. Beautement, L. Smith
CURRICULUM: CAPS
MODULE: 1 Macroeconomics
CHAPTER: 1 Principles, processes and prac ces of the economy
INTRODUCTION:
- Unit 1 Factors of produc on
Characteris cs
Importance
Remunera on
- Unit 2 Community par cipa on and marginalised groups
Community par cipa on in local economic planning and ac vi es
Access of economically marginalised people to the economy
FACTORS OF PRODUCTION TABLE
FACTOR DEFINITION CHARACTERISTICS IMPORTANCE REMUNERAT
ION
Natural Resources: - Resources can be renewable -Provide food and Rent: the
are elements that or non-renewable. shelter. reward or
occur naturally income
within an - Resources are in short -Used as inputs for earned for
environment and supply. economic activity. the use of
Natural are used by humans natural
Resources to create wealth - Resources are not evenly -Creates employment resources
(goods and distributed. opportunities.
Services)
- Resources are processed and -International trade for
used to produce goods and importing and
services. exporting.
Labour: is physical -Works vary in quality and -Educated and trained Wages:
and mental work quantity. people are more payment and
that is performed by productive. benefits
people called -The supply of skilled workers
laborers (workers or cannot be increased quickly. -Only they can use the
Labour employees) for advanced technology.
wages -Labour cannot be stored or
(remuneration) kept for any other use. -Shortage of skills
restricts growth of
economy.
TEXTBOOK: Oxford Successful Economics Grade 11 Learner’s Book
AUTHOR: E. Basson, V. Beautement, L. Smith
CURRICULUM: CAPS
MODULE: 1 Macroeconomics
CHAPTER: 1 Principles, processes and prac ces of the economy
INTRODUCTION:
- Unit 1 Factors of produc on
Characteris cs
Importance
Remunera on
- Unit 2 Community par cipa on and marginalised groups
Community par cipa on in local economic planning and ac vi es
Access of economically marginalised people to the economy
FACTORS OF PRODUCTION TABLE
FACTOR DEFINITION CHARACTERISTICS IMPORTANCE REMUNERAT
ION
Natural Resources: - Resources can be renewable -Provide food and Rent: the
are elements that or non-renewable. shelter. reward or
occur naturally income
within an - Resources are in short -Used as inputs for earned for
environment and supply. economic activity. the use of
Natural are used by humans natural
Resources to create wealth - Resources are not evenly -Creates employment resources
(goods and distributed. opportunities.
Services)
- Resources are processed and -International trade for
used to produce goods and importing and
services. exporting.
Labour: is physical -Works vary in quality and -Educated and trained Wages:
and mental work quantity. people are more payment and
that is performed by productive. benefits
people called -The supply of skilled workers
laborers (workers or cannot be increased quickly. -Only they can use the
Labour employees) for advanced technology.
wages -Labour cannot be stored or
(remuneration) kept for any other use. -Shortage of skills
restricts growth of
economy.
