(Exam Elaboration) OTE2601 Assignment 2 2023

QUESTION 1 Suppose a flea market is arranged at your school. You as the Economic and Management Sciences teacher are responsible for taking a group of Grade 7 learners through some paces. Discuss your vital role focussing on the merits or demerits of each of the following headings: 1.1 Before the flea market (9) 1.2 During the flea market (8) 1.3 After the flea market (8) (25) QUESTION 2 2.1 Stokvels have been around for a long time now and they are uniquely South African. The term “stokvel” dates back to the 19th century when English settlers described their auctions as “stock fairs”. The illiterate ones referred to it as Stokvel instead of “stock fairs”. During these fairs, farmers and labourers would sometimes pitch in together to purchase livestock. Elaborate on each of the following role played by the stokvel; 2.1.1 Grocery (4) 2.1.2 Basic (4) 2.1.3 Funeral cover (4) 2.1.4 Property (4) 2.1.5 Investment (4) 2.2 In your opinion what would consider to be the benefits of opening a Standard bank/ FNB/ABSA or Nedbank bank stokvel account? (5) (25) OTE2601/101 25 QUESTON 3 The law protects the consumer. The prices of certain goods are fixed, for example the price of spec5fic kinds of bread. This means that nobody is allowed to sell these goods at more than the fixed prices. Discuss the following factors which influence profit: 3.1 Kind of business (5) 3.2 Element of Risk (5) 3.3 Competence of the entrepreneur (5) 3.4 Turnover and market size (5) 3.5 New production techniques (5) (25) QUESTION 4 4.1 Money is the means whereby human needs are satisfied. It is also known as a means of payment. Money can be called or viewed by various concepts. What are the various concepts (names) associated with money and how are they used? (18) 4.2 The franchise (grant) agreement has several advantages to the franchise holder (franchisee)