EMS GRADE 9 TERM 1 2023

EMS Grade 9 Week 1+2
AIMS OF LESSON:


Learners must be able to understand:
1. Economic systems: namely the planned economy, market economy
and mixed economy


2. The characteristics of each economic system


3. The global economy


4. The circular flow: the participants in the circular flow of a closed
economy; the flow of goods and services, money and factors of
production in the circular flow of a closed economy; and illustrated by
using a flow diagram.


RESOURCES


PAPER BASED RESOURCES:
• Textbooks


DIGITAL RESOURCES:
• https://www.thelearningtrust.org/asp-treasure-box


INTRODUCTION


Prior content knowledge: Needs, services and factors of production
Link with the next lesson: Circular flow and price theory
By the end of the lesson learners will be able to:

, • Understand the three major economic systems and the circular flow.


Any terms that appear in the topic that do not form part of the learner's
normal vocabulary.
• Markets
• Economic systems
• Capitalism
• Socialism
• Traditional system
• Globalisation
• Integration
• Circular flow model
• Circulation
• Participants
• Financial institution
• Expenditure
• Consumers
• Producers
• Exchanged
• Start-up capital
• Households
• Government
• Businesses
• Interact
• Factors of production
• Goods and services
• Public goods and services
• Savings