OTE2601 NOTES L GLOY
OTE2601 – SEMESTER AND EXAM
PREP NOTES
written by
L Gloy
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,OTE2601 NOTES L GLOY
OTE2601- PAST EXAM PAPERS 2014 - 2016
QUESTION 1
APTITUDES SHOULD BE SEEN AS SPECIFIC POTENTIALITIES OR ABILITIES, INNATE AS WELL AS
ACQUIRED, THAT WIL ENABLE A PERSON TO DEVELOP CERTAIN SKILLS. DO YOU AGREE WITH
THE ABOVE STATEMENT?
SUPPORT YOUR ANSWER BY ELABORATING ON THE FOLLOWING ISSUES IN RELATION TO
ECONOMIC LITERACY AND ENTREPRENEURSHIP.
1.1 APTITUDES (6)
• Verbal aptitude
• Word fluency- refers to people who have the ability to use wide vocabulary
- They are creative & original with words, communicate well &
understood by others
• Memory
- short term memory Together the 2 abilities give an indication of the person’s general
- Long term memory ability to master subjects such as: bio, history biblical studies,
entrepreneurial education
• Reasoning- deductive
reasoning. In general entrepreneurs are able to think abstractly.
- Inductive reasoning. Plays NB role in
non- verbal ability. Entrepreneurs
should be able to reason inductively.
• Numerical ability- becoming increasingly NB prerequisite for many careers esp. as
result of computer use
• Perceptual speed- ability to comprehend shapes in space & dimensions of flat and solid
objects (i.e. 2D and 3D)
- Necessarily in subjects such as
Geometry, science, geography and
architecture
• Practical aptitude- people skilled with their hands, tools and machinery.
- Possible careers: builder, dentist,
engineer, mechanic
• Artistic/ creative aptitude- creative people create new things and give original
expression to the ideas or feelings.
- Ability to see the past as relevant to
the future and often perceived as
being colourful /” different” by others
• Physical aptitude- modelling & aerobatic instructor
1 Page
,OTE2601 NOTES L GLOY
• Methodical/ orderly aptitude- referred to as “ born organizers”
- Careers include hotel management,
actuarial scientists, accounting,
statistics, economics, secretarial work
& research
• Social aptitude- deep interest in people and probably have friends in different age
groups
- Careers: travel industry, social worker
law, psychology
1.2 ABILITIES (6)
• Something a person can do with ease
• People have different types of abilities, e.g. mental, physical, language, numerical ability
• Narrowed down to three basic categories:
- Mathematics and science
- Languages and the arts
- Using hands and bodies
• Combinations of these 3 basic categories occur.
• Research shows reasonable correlation between academic achievement and mental
ability.
• Higher a student’s general intelligence – better chances of being successful in an
academic field of study.
• Advantage when someone has a high IQ score in a specific area of intelligence test
relates to their direction of study.
• Student’s success in a specific field doesn’t entirely depend on intelligence – also infl. By
interests, environmental influences, emotional constitution, motivation and exposure to
various skills
• Person can dev. ability to do something through hard work, may require a great deal of
effort because real aptitude is lacking.
• Ability is equal to a developed aptitude. Aptitude is a potential ability.
• Ability also includes aspects such as leadership and practical and artistic qualities
• Det. one's abilities by looking at past performance.
• One should never lose sight of the fact that abilities can be developed.
Described as something a person can do with ease.
Related to the concept of being able
• Mental ability
• Physical ability
• Language ability
• Numerical ability
Combinations of these categories do occur.
Ability- possession of the means or skill to do something.
2
Page
, OTE2601 NOTES L GLOY
1.3 SKILLS (6)
Capacity to carry out complex, well organized patterns of behaviour,
• Capacity to carry out complex patterns of behaviour with ease
• Aptitude-what you are born with
• Ability-that which you acquire through experience
• Skill-when you develop an ability, it can be turned into a skill
• How to turn an ability into a skill:
- Identify the ability
- Measure its strength
- Accept that is can be developed
- Take responsibility for its development
- Use every opportunity to develop it
- The ability becomes a skill.
• The primary school learner can benefit greatly through skills training.
• Identifying abilities and developing those abilities into skills in the primary school should
receive preference
• Future entrepreneurs should from early age, recognize value of skills and advantages of skills
training.
• Skills needed by entrepreneurs can be divided into 2 main groups:
- Personal and people skills
- Business and management skills
QUESTION 2
CONSUMERS SHOULD LEARN HOW TO ACT RESPONSIBLY AND TO CULTIVATE
CONSERVATION VALUES. SHOW HOW THE FOLLOWING ISSUES SHOULD BE INTERWOVEN
WITH THE ECONOMIC LITERACY IN PRIMARY SCHOOLS.
2.1 THE RIGHTS OF THE CONSUMER (8)
• Right to correct information
➢ Consumers can only make responsible decisions if they have the correct information
➢ Obtain information: sales personnel, advertisements, labels, guarantees of quality,
price of items
➢ Consumers must be protected against dishonest and misleading information
• Right to safety
➢ Right to buy safe products
➢ SABS – South African Bureau of Standards, date stamps on perishable goods, goods
taken to protect natural environment
• Right to free choice
➢ Able to choose between variety of products
➢ If there is no choice/ product or service provided by one institution only = quality of
the product or service should be satisfactory and price should be exorbitant.
• The right to make their needs known
➢ Able to voice their needs as to the kinds of products they want and the quality they
expect.
• Right to obtain products/ services at realistic prices
Prices should reflect the value the consumer obtains from it
3
Page
OTE2601 – SEMESTER AND EXAM
PREP NOTES
written by
L Gloy
The study-notes marketplace
Buy and sell all your summaries, notes, theses, essays, papers, cases, manuals,
researches, and
many more...
www.stuvia.co.za
,OTE2601 NOTES L GLOY
OTE2601- PAST EXAM PAPERS 2014 - 2016
QUESTION 1
APTITUDES SHOULD BE SEEN AS SPECIFIC POTENTIALITIES OR ABILITIES, INNATE AS WELL AS
ACQUIRED, THAT WIL ENABLE A PERSON TO DEVELOP CERTAIN SKILLS. DO YOU AGREE WITH
THE ABOVE STATEMENT?
SUPPORT YOUR ANSWER BY ELABORATING ON THE FOLLOWING ISSUES IN RELATION TO
ECONOMIC LITERACY AND ENTREPRENEURSHIP.
1.1 APTITUDES (6)
• Verbal aptitude
• Word fluency- refers to people who have the ability to use wide vocabulary
- They are creative & original with words, communicate well &
understood by others
• Memory
- short term memory Together the 2 abilities give an indication of the person’s general
- Long term memory ability to master subjects such as: bio, history biblical studies,
entrepreneurial education
• Reasoning- deductive
reasoning. In general entrepreneurs are able to think abstractly.
- Inductive reasoning. Plays NB role in
non- verbal ability. Entrepreneurs
should be able to reason inductively.
• Numerical ability- becoming increasingly NB prerequisite for many careers esp. as
result of computer use
• Perceptual speed- ability to comprehend shapes in space & dimensions of flat and solid
objects (i.e. 2D and 3D)
- Necessarily in subjects such as
Geometry, science, geography and
architecture
• Practical aptitude- people skilled with their hands, tools and machinery.
- Possible careers: builder, dentist,
engineer, mechanic
• Artistic/ creative aptitude- creative people create new things and give original
expression to the ideas or feelings.
- Ability to see the past as relevant to
the future and often perceived as
being colourful /” different” by others
• Physical aptitude- modelling & aerobatic instructor
1 Page
,OTE2601 NOTES L GLOY
• Methodical/ orderly aptitude- referred to as “ born organizers”
- Careers include hotel management,
actuarial scientists, accounting,
statistics, economics, secretarial work
& research
• Social aptitude- deep interest in people and probably have friends in different age
groups
- Careers: travel industry, social worker
law, psychology
1.2 ABILITIES (6)
• Something a person can do with ease
• People have different types of abilities, e.g. mental, physical, language, numerical ability
• Narrowed down to three basic categories:
- Mathematics and science
- Languages and the arts
- Using hands and bodies
• Combinations of these 3 basic categories occur.
• Research shows reasonable correlation between academic achievement and mental
ability.
• Higher a student’s general intelligence – better chances of being successful in an
academic field of study.
• Advantage when someone has a high IQ score in a specific area of intelligence test
relates to their direction of study.
• Student’s success in a specific field doesn’t entirely depend on intelligence – also infl. By
interests, environmental influences, emotional constitution, motivation and exposure to
various skills
• Person can dev. ability to do something through hard work, may require a great deal of
effort because real aptitude is lacking.
• Ability is equal to a developed aptitude. Aptitude is a potential ability.
• Ability also includes aspects such as leadership and practical and artistic qualities
• Det. one's abilities by looking at past performance.
• One should never lose sight of the fact that abilities can be developed.
Described as something a person can do with ease.
Related to the concept of being able
• Mental ability
• Physical ability
• Language ability
• Numerical ability
Combinations of these categories do occur.
Ability- possession of the means or skill to do something.
2
Page
, OTE2601 NOTES L GLOY
1.3 SKILLS (6)
Capacity to carry out complex, well organized patterns of behaviour,
• Capacity to carry out complex patterns of behaviour with ease
• Aptitude-what you are born with
• Ability-that which you acquire through experience
• Skill-when you develop an ability, it can be turned into a skill
• How to turn an ability into a skill:
- Identify the ability
- Measure its strength
- Accept that is can be developed
- Take responsibility for its development
- Use every opportunity to develop it
- The ability becomes a skill.
• The primary school learner can benefit greatly through skills training.
• Identifying abilities and developing those abilities into skills in the primary school should
receive preference
• Future entrepreneurs should from early age, recognize value of skills and advantages of skills
training.
• Skills needed by entrepreneurs can be divided into 2 main groups:
- Personal and people skills
- Business and management skills
QUESTION 2
CONSUMERS SHOULD LEARN HOW TO ACT RESPONSIBLY AND TO CULTIVATE
CONSERVATION VALUES. SHOW HOW THE FOLLOWING ISSUES SHOULD BE INTERWOVEN
WITH THE ECONOMIC LITERACY IN PRIMARY SCHOOLS.
2.1 THE RIGHTS OF THE CONSUMER (8)
• Right to correct information
➢ Consumers can only make responsible decisions if they have the correct information
➢ Obtain information: sales personnel, advertisements, labels, guarantees of quality,
price of items
➢ Consumers must be protected against dishonest and misleading information
• Right to safety
➢ Right to buy safe products
➢ SABS – South African Bureau of Standards, date stamps on perishable goods, goods
taken to protect natural environment
• Right to free choice
➢ Able to choose between variety of products
➢ If there is no choice/ product or service provided by one institution only = quality of
the product or service should be satisfactory and price should be exorbitant.
• The right to make their needs known
➢ Able to voice their needs as to the kinds of products they want and the quality they
expect.
• Right to obtain products/ services at realistic prices
Prices should reflect the value the consumer obtains from it
3
Page
