Activity
Topic 1 - The Economy
The history of money
Traditional societies, modern societies and bartering
Activity 1
Early forms of money
History of coins and paper money
Activity 2
Promissory notes
Activity 3
Electronic banking
Activity 4
Security features of SA bank notes
Activity 5
10 Consumer economy
Activity 6
Term 1 Formal Assessment Task
Assessment Rubric
Assessment
Task
Topic 2 – Needs and wants
Basic needs of individuals and families
Activity 7
14 Maslow’s Hierarchy of needs
Activity 8
15 The need for survival – ‘Shipwrecked’
Activity 9
17 Limited resources to satisfy needs and wants
Activity 10
19 Economic problems
Activity 11
20 The need for water
Activity 12
In this
topic we will learn more about the history of money, from traditional
societies,who used bartering, to the use of promissory notes and coins and to
paper money.
We will
also learn about modern systems of banking, such as electronic banking and
the role
of money in society.
Lesson
1 - Traditional societies
• Over
100 000 years ago, people provided for their own needs.
• They
were self-sufficient and lived on whatever was provided by nature.
• There
was no trade and no money.
•
Examples of people who lived self-sufficient lives were the hunter-gatherers
in
South
Africa, the Twa
in Zaire, the Inuit in Alaska and the Aborigines in
Australia.
• They lived
on meat from the wild animals and the food from plants.
• This is
called hunting and gathering.
• They
used everything they produced.
• People
had to produce all the goods and services they needed.
• They
had a limited range of goods and services available.
• The
community used basic methods to hunt and harvest foods.
• They
lacked technology, so most of their activities revolved around people producing
all the things that they needed, to survive.
• This is
called a SUBSISTENCE ECONOMY.
4
Modern
Societies
• Most
modern societies use coins, notes and debit or credit cards to pay for goods or
services.
• They
also use electronic banking, such as Internet banking.
• A
modern society is an Industrialised society that uses technology to
produce goods for trade.
• People
have specialised skills and have to rely on other people to produce goods and
provide services that they cannot make or provide.
Bartering
While
hunting and gathering means that people provided for their own needs, hunters
were gradually able to tame and keep their animals. This led to herding.
Herders moved from place to place to find food and water animals and
themselves. They kept cattle and goats and would rather live off the goats’
milk than kill them.
Animals
were only killed when there was not enough wild meat to eat. Herders moved in
larger groups from place to place. As groups met each other, they exchanged
goods.
As
societies developed and started to travel, people started to specialise in the
production of specific goods and foods. They realised that people in other
areas had items they needed or wanted.
A system
of trade developed, whereby personal possessions of value could be
exchanged
for other goods. This kind of exchange dates back to 9000-6000 BC and is called
bartering, and is still in use today. The first people didn’t buy goods from
other people with money. They bartered with each other.
Activity
1
What do
you think the advantages and disadvantages of bartering are?
ADVANTAGES
DISADVANTAGES
1.
1.
2.
2.
3.
3.
4.
4.
5.
5.
Disadvantages
of bartering:
1. It was
not always practical.
2. It was
difficult to find what you wanted or needed.
3. Goods
were difficult to carry or to transport.
4. There
is no common measure of value.
5.
Certain goods can’t be divided into smaller units.
6. No
late payments can be allowed.
7.
Storing goods is difficult.
8. It was
difficult to work out the real value of the items because people attached different
values to different items.
Lesson 2
Early
forms of money
The first
evidence of a type of money was cowry shells.
They were
used in 1200 BC in China. In 1000 BC, China produced imitation cowry shells this
can be thought of as the original development of coins.
In about
500 BC, pieces of silver were the earliest coins.
These
coins were first used in Lydia (Turkey). In 118 BC,leather banknotes were used
in China.
History
of coins and paper money
·
9000BCE
Barter with livestock and crops.
·
1200BCE
Cowrie shells used as money in China.
·
Most
widely and longest used currency in history.
·
1000BCE
“Money” made from metals, such as copper. They often had holes in the centre,
so they could be strung together, for safe-keeping. 700BCE
·
Coins
made from precious metals such as silver, bronze and gold. Coins were valued
according to size and weight.
·
Later,
coins were stamped with its value, so there was no need to weigh them.
·
800CE
Paper currency appeared in China.1950CE Credit cards were issued, and used in
the USA.Today Internet banking, ATMs used.
Lesson 3
Promissory
notes
This
means a written and signed promise to pay a sum of money.
Payer: Somebody who pays somebody.
Payee: Somebody to whom money is paid
borrowed to.
A
promissory note must include:
• The
term “Promissory Note”.
• The
amount that the note is worth.
•
Interest that will be added.
• When
the payment has to be made.
• The
place where payment is to be made.
• Name of
the Payee.
• Payer’s
signature.
• Terms
of repayment.
• Date
until when the promissory note is valid.
Promissory
Notes
Activity
2
1. What
is the difference between a payer and a payee?
2. What
is the difference between a promissory note and simply writing down the amount
you owe someone on a piece of paper?
3. Is a
banknote a form of a promissory note? Why? Explain your answer.
4. Look
at a banknote and write down all the things it has that could make it a promissory
note and all the things it lacks as a promissory note.
5. What
would you need to include in a promissory note?
Homework
Task
Draw your
own promissory note, in your exercise book.
You may
decorate it as you like, but make sure that it looks like an official document and
include all the relevant information.
Lesson 4
Advantages
and disadvantages of using the Internet for banking and buying.
Advantages
Disadvantages
·
Available
24 hours a day.
·
More information
needed by online store before purchasing a product.
·
Consumers
and producers need not be in the same place.
·
Personal
information not always safe.
·
Credit
card fraud.
·
More
choice in products and services. Cannot check the quality before you buy.
·
Saves on
travelling and time.
·
No
personalised customer service.
·
Faster
communication and access to information.
·
Difficult
to return faulty goods.
Activity
3
1) Find 5
things that you could also do at a bank branch, or a shop.
2) Why do
you think some people prefer Internet banking?
3) Do you
think that Internet banking is safe? Give a reason for your answer.
Lesson 5
Security
features on a South African Banknote
•
Watermark within the paper
•
Security thread running through the paper.
• High
quality paper
• Print
quality
When
people started trading goods for money, they gathered in certain areas to make
it easier for buyers and sellers to meet. This is called Urbanisation.
The role
of money
• It is a
medium of exchange – use it to buy goods and services.
• Unit of
account – standard measure of how much goods and services are worth.
• Store
of value – it holds its value over time.
Activity
4
1. Google
the images of South African bank notes.
2.
Identify all the security features of the notes.
Lesson 6
Consumer
Economy
•
An economy where
businesses encourage consumers to spend as much money as possible on their goods or
services is called a Consumer Economy.
•
Consumer spending
puts a lot of pressure on the environment.
•
Businesses use raw
materials to produce goods.
•
Sometimes these raw
materials run out.
•
We need to
concentrate on sustainable resources that can be “re-generated “again.
•
You can learn more
about sustainability on the following website:
• Money
is anything that is used as a medium of exchange. (Anything that is used
to enable
trade to take place.)
• Money
has four important characteristics that make it a sustainable medium of
exchange:
a)
It is scarce,
b)
It is durable
c)
It is portable
d)
It can be divided
into smaller units
Is it
possible that in the future, coins and banknotes will become as out of date as cowrie
shells?
Activity
5
1. Write
a paragraph, explaining the difference between modern and traditional societies.
Activity
6
Use Google
as a source of reference to answer the following questions:
1. Name
the countries that have adopted the euro.
2.
Discuss the following:
•
Problems of implementation
• The
advantages and disadvantages of the euro
• The
exchange rate with South Africa
3.
Explain the saying: “Money makes the world go round”.
FORMAL
ASSESSMENT
SUBJECT
EMS
GRADE
7
TERM
1
TASK
1
ASSESSMENT
Assignment:
The Economy and The History of money
MARK S
30
Instructions:
1.
Research the History of money. Present your findings in the form of a flow diagram.
Include dates, captions, diagrams and information. (8 marks)
2.
Explain all the important characteristics of our notes and coins that assist
the blind to recognise different series and protect the consumers from taking counterfeit
money in. Write out your answers in bullet point form.
(6 marks)
3. Create
a poster report about the characteristics of all South Africa’s banknotes and
coins. You can sketch, cut out newspapers or magazines or photocopy the series
of coins and bank notes currently in circulation.
Ensure
that you include information on all the coins and bank notes.
(Suggested
website – feel free to use different websites for your research)
4.
Explain how Electronic Banking has changed the role of banks today.
Explain
the different services provided through E-Banking.
Highlight
the security features of E-Banking.
(6 marks)
Use the
local library or internet to research your information. Be creative when presenting
your information.
Assignments
are due on ................
Rubric:
1.
Research the History of money. Present your findings in the form of a flowdiagram.
Include dates, captions, diagrams and information.
(8 marks)
2.
Explain all the important characteristics of our notes and coins that assist
the blind to recognise different series and protect the consumers from takingcounterfeit
money in. Write out your answers in bullet point form.
(6 marks)
1-2
Basic
information
No effort
Not
neatly
presented
3-4
Fair
information
Evidence
of research
Neatly
presented
5-6
Excellent
information
Followed
instructions
Evidence
of research
Neatly
presented
3. Create
a poster report about the characteristics of all South Africa’s bank notes and
coins. You can sketch, cut out newspapers or magazines or photocopy the series
of coins and bank notes currently in circulation. Ensure that you include information
on all the coins and bank notes.
(10 marks)
1-2
Basic
information
No effort
Not
neatly
presented
3-4
Fair
information
Some
pictures included
Evidence
of research
5-7
Correct
information
Pictures
included
Evidence
of research
Neatly
presented
8-10
Clear
& colourful
All
required
information
included
Neatly
presented
1-2
No flow
diagram
Very
basic information
Not
neatly presented
3-4
Fair
information
No
diagrams
Not
neatly presented
5-6
Good
information,
but not
set out
correctly.
Neatly
presented
7-8
Excellent
information
Followed instructions
Good use
of colour
Neatly
presented
4)
Explain how Electronic Banking has changed the role of banks today. Explain the
different services provided through E-Banking. Highlight the security features
of
E-Banking.
(6 marks)
1-2
No effort
No research
evident
3-4
Some
effort in
explanation
Some
research evident
5-6
Clear
explanation
Followed
instructions
Neatly
presented
Was the
assignment handed in on time Yes / No
3 marks, per day, will be deducted for not
handing the assignment in on time (10%).
Final
Mark ___
30
Lesson 7
An
individual’s basic needs
➢ Air to breathe
➢ Water to drink and wash with
➢ Food to eat
➢ Shelter to live and be protected
➢ Fuel for warmth and cooking
➢ Clothes
Basic
needs of communities and countries
➢ Health services – clinics, hospitals
➢ Transport services – roads, buses, trains
➢ Communication services – postal services, telephones, internet
➢ Education services – schools, universities
➢ Waste disposal services – sewage systems, garbage removal,
➢ Safety and security – police, army, firefighters
Activity
7
Basic
needs of individuals and families
1)
Complete a mind map.
•
Draw and label the members of your family at home.
•
Use the following headings to write how each basic need is satisfied in
your
family’s life.
Topic 2
Needs and
wants
·
air
·
clothing
·
shelter
·
fuel
·
water
·
food
2)
Imagine that you have no money, and you have to leave home and live by yourself. Make a
list of the ten most important things that you would take with you and
explain why.
Lesson 8
MASLOW’S
HIERARCHY OF NEEDS
Maslow
arranged the different levels of human needs in a pyramid. The base of the pyramid
is formed by the most vital needs such as the need for food, water and shelter.
As human
needs in the first level are fulfilled, the next level of needs arise.
It is
possible to classify people’s needs and wants into four groups.
Picture
of yourself
and your
family
18
SURVIVAL
NEEDS
❖ Survival needs are all the physical needs that we have.
❖ The need for oxygen to breathe.
❖ The need for food to eat.
❖ The need for water to drink.
❖ The need to sleep.
❖ The need to be protected from the weather (the cold and the heat).
SECURITY
NEEDS
❖ People also need to feel safe and secure.
❖ The need to feel that others will not hurt us.
❖ The need to feel that our belongings will not be taken or broken.
❖ The need for structure, rules, law and order.
❖ The need to know that we live and work in a safe environment.
SOCIAL
NEEDS
❖ People like to have friends and be a part of a group.
❖ The need to have friends.
❖ The need to be a part of a team or group.
❖ The need to feel that we belong somewhere.
❖ The need to give and receive love.
SELF-ESTEEM
NEEDS
❖ Our self-esteem is the way we feel about ourselves.
❖ The need to achieve success.
❖ The need to be good at something.
❖ The need to feel that what we do is important and valuable.
❖ The need to be recognized and feel that others respect us.
Needs and wants affect communities in the following ways:
• They
determine what kind of products and services are sold in the community.
• Can
affect how communities work – use of illegal drugs will lead to gang activity, crime
and violence.
• Poor
communities will not be able to spend money at their local shops and
businesses.
• Wealthy
communities will spend money at local shops, so their communities will
become
prosperous.
• The
needs of a country are met by the National government.
Activity 8
Basic needs of a community
Copy and complete the following table
Basic needs of a community
How the basic needs are met in my Community
1. Health
services
2.
Communication services
3.
Transport services
4.
Educational services
5. Waste
disposal systems
6. Safety
and security services
Lesson 9
Activity
9
Group
Work
Imagine
that you have been shipwrecked on an Island.
You
have nothing with you, except the clothes that you are wearing, a copy of amap
and a wet matchbox with 5 matches in it.
While
exploring the island to find out what resources are available, you
discoverthat:
• There
are fruits and berries in the forest
• There
are fish in the sea that you can eat, but you need to find a way to catch
them (beware of the sharks)
• Goats
run wild in the mountains and there are snakes in the desert.
• It
is hot in the daytime and cold at night.
• You
can only drink the river water if you boil it first.
• There
is very little chance of being rescued, so you will have to live on the island
for the rest of your life.
Imagine
that you are the only survivor of the shipwreck.
Think
of the things that you will have to do each day of the first week.
Write
down your survival plan - think of the following:
•
What are the first things that you will do on the island?
•
Which need, will you satisfy by doing this?
•
What resources are on the island? Which need, will you be satisfying bydoing this?
•
Can any of the resources be used for other purposes? If so, what?
My
survival plan – an example:
Day 1:
• I will
look for food in the forest.
• I will
pick berries to eat.
• This
will also help with my need for water because the berries have juice.
Lesson 10
Limited
resources to satisfy needs and wants
Resources:
• are
things we use to help us do something.
• They
satisfy our needs and wants.
•
Resources are things we use to produce goods and services.
• There
are:
• Natural
resources - gold, diamonds satisfy our need/ wants for beautiful jewellery.
• Human
resources - we need a builder to build our house, a farmer to grow our food, a
plumber to fix our taps.
•
Human-made resources - clothes, tools machines, motor vehicles and money.
Limited
resources:
• Our
wants are unlimited, but we have limited resources to satisfy our wants.
•
Resources such as water, people, land, crops, metals, buildings, machines,
electricity, transport, animals and tools are often limited.
• A
limited resource is something that there is not a lot of, such as oil or coal, because
this may not last forever.
• We need
to use these resources carefully and it should be re-used in different ways,
e.g. recycling.
• The
most common limited resource is MONEY.
Non-renewable
resources:
• They
can run out, and can’t be replaced.
Renewable
resources:
• These
will not run out and can be replaced.
Free goods:
• Free
goods are those goods that are not scarce because they occur in abundant
quantities - their supply is not limited.
• This
high supply usually results in free goods having a market price of zero.
• Goods
may be considered free goods in some situations, but not in others.
• For
example, fresh air is free because it is not scarce and because we do not have
to pay for every breath of air that we consume.
•
However, at the bottom of a mineshaft, the supply of air is limited and large amounts
of money are spent to provide fresh air to miners.
• In this
example, fresh air is free on the ground, but isn’t free when its supply is
scarce in a mineshaft.
Economic goods:
• Goods
that are not free goods are called economic
goods.
• An
economic good is an item that is scarce because their supply is limited and
consequently
they have a market price.
• Any
goods which consumers pay for are economic goods.
• It is
important to realize that the price consumers pay for goods is influenced by how
scarce they are and not by how useful they are.
•
Consider fresh air, which is essential for life and so very useful to
consumers.
Even
though fresh air is so useful, we do not usually have to pay for it because its
supply is unlimited; on the other hand, diamonds, even though they have limited
uses, are very expensive because they are so scarce.
Activity
10
Limited
resources to satisfy needs and wants.
1) List
five limited resources.
2) List
four ways in which each of these limited resources is used.
Uses
of limited resources are:
3) Write
a paragraph about how we can use each of these limited resources so that they
don’t run out.
4) List 5
examples of renewable resources.
5) Can we
use any of these renewable resources instead of the limited resources?
Explain
your answer. Yes/No we…
6) What
natural and human-made resources are there in your community?
Draw
a table natural human made
7) Which
resources in your community are most limited?
Limited
resources in my community are:
Lesson 11
The
Economic Problem
The
economic problem which we all face is that we have unlimited needs and wants,
but have limited resources to satisfy them. (South Africa’s most limited
resource is water.)This problem of scarcity is known as the economic problem.
Because it is impossible to meet all our needs and wants, we have to choose
which ones we will be able to satisfy.
Economics
is the
study of how people decide about which needs to satisfy and how to satisfy
these needs.
In
economics, a country’s natural resources of labour, capital, land and
entrepreneurship are called Factors of Production. Countries need to
think about their resources and decide:
• What to
produce?
• How
much to produce?
• Who
gets to consume the products that are produced?
There are
two kinds of efficiency when it comes to resource use:
• Technical efficiency – Country must use all
resources to the full, in a way that
gets the
most production out of them.
• Allocative efficiency – Country must produce
more of the goods and services
that are
in highest demand.
Activity
11
South
Africa’s most limited resource is water. Our country is one of the driest
countries
on
Earth. It has an average rainfall of about half of the world’s average. In SA
we have
very
little ground water because of the hard rocks and the combined flow of all our
rivers
is
less than half of that of the Zambezi River.
What
needs and wants are satisfied by water?
What can
you do to protect this limited resource and make sure that it is used wisely?
Lesson 12
The economic problem
What
needs and wants are satisfied by water?
Needs for
water are:
• Habitat
for animals
• People
need water to drink
• To grow
plants – vegetables, crops, fruit, flowers
• Water
is one of the resources needed to make electricity
Activity
12
What can
you do to protect water as a limited resource and make sure that it is used wisely?
Design a poster to show how you would use water efficiently.
No comments:
Post a Comment