Core Curriculum

South Africa - Economic and Management Sciences Lessons


The Economic Cycle 8
The History of Money and an Introduction to Trade ...The introduction of money into the economy hundreds of years ago simplified the process in which people obtained and sold products and services. Money continues to evolve. We witness even more changes in money today than in the past due to the changes that are taking place in modern business transactions. Countries are merging their currencies into one, such as the Euro in Europe. Banks are introducing very dynamic products and services into the market. Money markets continue to be very volatile and governments are continuously striving to find more effective and efficient ways of managing their money markets and the risks that are attached thereto. Because countries have different resources such as natural, human, and capital, and different ways of combining these resources, they are not equally efficient at producing the goods and services that their residents need or want and therefore they will resort to trading with other countries that can supply products and services which they do not have enough. World trade is not static. It has been increasing both in amount and in significance. New supplies of natural resources can be discovered and developed while existing supplies are better managed. Human resources can be improved through better educational programs. Capital resources can be acquired to make the better trained workers even more productive. The increase in world trade should result in more efficient use of the world's scarce resources, and in higher standards of living.
Sustainable Growth, Reconstruction and Development 8
Managerial, Administrative and Financial Skills 8
Entrepreneurs and their Work 8
The Economic Cycle 9
Sustainable Growth, Reconstruction and Development 9
Managerial, Administrative and Financial Skills 9
Entrepreneurial Knowledge and Skills 9
Researching a Business Idea and Developing Business Plans...A business idea is a concept that can be used for commercial purposes. It typically centers on a commodity or service that can be sold for money, according to a unique business model. Some entrepreneurs focus on the skills that they have and build a business around those skills; others think more about the wants and needs of society and look for opportunities in the market. There are several methods for developing and testing a business idea. The ability to come up with a business idea can be transformed into a viable business, where ideas supported by feasibility and a business plan can then also be sold to interested investors, firms, and interested parties for a lump sum or a management contract. Business ideas, if introduced at the right time when demand for such service or a product introduced by the idea is expected to surge, can lead to a very profitable business. Business ideas are always available through different sources. However, it is the application used with these ideas, and timing, that makes the difference between success and failure. A business plan is a statement of a set of business goals, the reasons why they are believed to be attainable, and the plan for reaching those goals. It may also contain background information about the organization or management team attempting to reach those goals. The attempted business goals may be for-profit or non-profit. For-profit business plans typically focus on financial goals. Non-profit and government agency business plans tend to focus on service goals, although non-profits may also focus on maximizing profit. Business plans may be internally or externally focused. Externally focused plans target goals that are important to external stakeholders, particularly financial stakeholders. They typically have detailed information about the organization or team attempting to reach the goals. With for-profit entities, external stakeholders include investors and customers. External stake-holders of non-profits include donors and the clients of the non-profit's services.