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Economic System Revision Grade 9

This document provides information about economic systems for a grade 9 revision. It includes three activities: Activity 1 compares the characteristics of planned, market, and mixed economies. It finds that planned economies have government control, no profit motive, and government-owned production, while market economies have no government control, profit as the main driver, and privately-owned production. Activity 2 defines economic systems and the economic problem, and has students identify characteristics of planned, mixed, and market economies in a table. Activity 3 further explains planned and market systems, having students complete a table on who decides production factors in each, and indicate whether statements about the systems are true or false.

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1K views6 pages

Economic System Revision Grade 9

This document provides information about economic systems for a grade 9 revision. It includes three activities: Activity 1 compares the characteristics of planned, market, and mixed economies. It finds that planned economies have government control, no profit motive, and government-owned production, while market economies have no government control, profit as the main driver, and privately-owned production. Activity 2 defines economic systems and the economic problem, and has students identify characteristics of planned, mixed, and market economies in a table. Activity 3 further explains planned and market systems, having students complete a table on who decides production factors in each, and indicate whether statements about the systems are true or false.

Uploaded by

leratoletato33
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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REVISION GRADE 9

ECONOMIC SYSTEN

ACTIVITY 1

Compare the role of each economic system with regard to each characteristic mentioned in
the table below.

Characteristic Planned Economy Market Economy Mixed Economy

Government control No control

Profit Motive Yes-the driving


force

Ownership of factors of Government


production

Allocation of resource Government has


key industries for
whole economy.
Provincial
incentive
schemes.

Prices Competition checks


price
ACTIVITY 2

Economic systems: three major economic systems


Question:

1. Identify what an economic system is.


2. Explain what is meant by the ‘economic problem’
3. Copy the table below into your workbook. Down the left-hand side of the table
are various statements about the types of economies. Identify which economy
each point describes by putting a tick in one of the boxes. The first question has
been done for you.

Characteristics Planned Mixed Market


economy economy economy
Also known as the capitalist system √
All businesses are owned by the
government
All businesses are privately owned
Some businesses are privately owned
and some are owned by the
government
The main aim of business is to make
a profit
The government aims o eliminate
poverty and inequality and make
everyone comfortable
The government provides certain
services but there are also private
service providers
South Africa has this type of economy

Activity 3:
Economic systems: planned and market economic systems
Question:

Question 1

Display the following visual and ask learners to complete the table by writing the
correct answer:

Type of Economic Planned Market


System
Who decides?
What to produce?
How to produce?
For whom to produce?
Question 2

Ask learners to read the following statements and indicate whether each statement is
true (T) or false (F).
1. ----- An economic system is the way in which people decide to organise the
production, distribution and consumption of goods and services
2. ---- What, how and for whom to produce are the basic economic questions that
every society must answer.
3. ---- All societies answer the three basic questions in the same way.
4. ---- In a command economy, a central authority makes the decisions regarding
what, how and for whom to produce.
5. ---- The three basic economic questions are: What to produce? How to divide
labour in Production? And who owns the productive resources?
6. ---- In a market economy, only the government decides what goods and services
are produced.
7. ---- In a command economy, consumer purchasing decisions determine what will
be produced.
8. ---- In a command economy, the government decides how the goods and services
that are produced will be distributed.
9. ---- in a market economy, decisions regarding production and consumption result
from the interaction of consumers and producers.
GRADE 9
MARKING GUIDE
ECONOMIC AND MANAGEMENT SCIWNCES

Characteristic Planned economy Market economy Mixed economy

Government control Centralü No control Semi-controlü

Profit Motive Noü Yes-the driving Yes – the driving forceü


force

Ownership of Government Privateü Privateü


factors of
production

Allocation of Government decides Consumers Government has key


resources what the production determine how industries for whole
targets are and resources are economy. Provincial
allocates resources allocatedü incentive schemes.
accordinglyü

Prices Fixed – set by Competition Competition determine


governmentü checks price pricesü

10 Marks

Activity 2:
Economic systems: three major economic systems
Answers:

1. An economic system is the way in which economic activities are managed in a


country.
2. How to satisfy unlimited wants with limited resources.
3.

Characteristics Planned Mixed Market


economy economy economy
Also known as the capitalist system √
All businesses are owned by the √
government
All businesses are privately owned √
Some businesses are privately owned √
and some are owned by the
government
The main aim of business is to make √
a profit
The government aims o eliminate √
poverty and inequality and make
everyone comfortable
The government provides certain √
services but there are also private
service providers
South Africa has this type of economy √

Support Material
Activity 3:
Economic systems: planned and market economic systems
Answers:

Question 1:

Type of Economic Planned Market


System
Who decides? Government Individuals and businesses
What to produce? Government makes all Businesses use supply and
economic decisions demand and competition between
them to decide
How to produce? Government decides Businesses decide how to produce
how to produce and goods and services.
services
For whom to produce? The government Consumers

Question 2

1. False
2. True
3. False
4. True
5. False
6. False
7. False
8. True
9. True

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