Summary Oxford Successful ECONOMICS Gr 11 - Chapter 1

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.