EMS Grade 7 Questions and Answers: Economic and Management Sciences (EMS) is a subject taught in Grade 7 in South Africa. It covers a wide range of topics related to the economy and business, and aims to equip learners with the skills and knowledge needed to manage their personal finances and understand the economic world around them. Here are some of the key topics covered in the Grade 7 EMS curriculum:
- Introduction to economics: Learners are introduced to the basic concepts of economics, including supply and demand, production and consumption, and the role of money in the economy.
- Personal finance: Learners are taught the importance of budgeting, saving, and managing their personal finances. They also learn about the different types of financial institutions and the services they offer.
- Business: Learners are introduced to the concept of entrepreneurship and the steps involved in starting a business. They also learn about the different types of businesses and the factors that influence their success.
- Marketing: Learners are taught about the principles of marketing, including product development, pricing, promotion, and distribution.
- International trade: Learners are introduced to the concept of international trade and the role of trade in the global economy. They learn about exports and imports, trade agreements, and the benefits and challenges of global trade.
- Economic systems: Learners are introduced to the different types of economic systems, including capitalism, socialism, and communism. They learn about the advantages and disadvantages of each system and how they affect the economy.
The Grade 7 EMS curriculum is designed to provide learners with a foundational understanding of economic and business concepts, and to prepare them for more advanced study in these areas. By the end of Grade 7, learners should be able to apply their knowledge of economics and business to their personal lives, and to understand the economic world around them.
EMS Grade 7 Questions and Answers for Revision
Question 1: Define the term “supply” in economics.
Answer: In economics, “supply” refers to the amount of a good or service that producers are willing and able to offer for sale at a given price and time.
Question 2: What is the difference between a debit card and a credit card?
Answer: A debit card is linked to a checking or savings account and allows the cardholder to withdraw funds or make purchases up to the amount available in the account. A credit card, on the other hand, allows the cardholder to borrow money from the issuing bank up to a certain credit limit, with the understanding that the money will be repaid with interest.
Question 3: What is the purpose of a balance sheet in accounting?
Answer: The purpose of a balance sheet is to provide a snapshot of a company’s financial position at a specific point in time. It shows the company’s assets, liabilities, and equity, and how they are related. The balance sheet is used to evaluate a company’s financial health and solvency, and to help investors and other stakeholders make informed decisions.
Question 4: What is the difference between a need and a want?
Answer: A need is something that is essential for survival, such as food, shelter, and clothing. A want, on the other hand, is something that is desired but not necessary for survival, such as a luxury item or a non-essential service.