ZIMBABWE

MINISTRY OF PRIMARY AND SECONDARY EDUCATION

ECONOMICS SYLLABUS

SECONDARY SCHOOL LEVEL

FORM 5 - 6
2015 – 2022

Curriculum Development Unit

P.O. Box MP 133 © All rights reserved
Mount Pleasant 2015
Harare
ACKNOWLEDGEMENT

The Ministry of Primary and Secondary Education wishes to acknowledge the following for their valued contribution in the production of
this syllabus:

- The National Economics syllabus panellists

- Government departments
- Representatives from various organisations
- Representatives from Universities and Colleges
- Publishers
- Zimbabwe School Examinations Council (ZIMSEC)
- United Nations Children’s Education Fund (UNICEF)
- United Nations Educational, Scientific and Cultural Organisation (UNESCO)

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CONTENTS
PAGE

Table of Contents
ACKNOWLEDGEMENT...............................................................................................................................................................................i
1.0 PREAMBLE.......................................................................................................................................................................................1
1.1 INTRODUCTION...........................................................................................................................................................1
1.2 RATIONALE..................................................................................................................................................................1
1.3 SUMMARY OF CONTENT..........................................................................................................................................1
1.4 ASSUMPTIONS............................................................................................................................................................1
1.5 CROSS-CUTTING THEMES.......................................................................................................................................2
2.0 PRESENTATION OF SYLLABUS.....................................................................................................................................................2
3.0 AIMS..................................................................................................................................................................................................2
4.0 SYLLABUS OBJECTIVES.................................................................................................................................................................3
5.0 METHODOLOGY AND TIME ALLOCATION....................................................................................................................................3
5.1 METHODOLOGY..........................................................................................................................................................3
5.2 TIME ALLOCATION.....................................................................................................................................................4
6.0 TOPICS..............................................................................................................................................................................................4
7.0 SCOPE AND SEQUENCE.................................................................................................................................................................5
8.0 COMPETENCY MATRIX...................................................................................................................................................................9
FORM 5........................................................................................................................................................................................................9
TOOLS OF ECONOMIC ANALYSIS.....................................................................................................................................9
ECONOMIC RESOURCES...................................................................................................................................................10
DEMAND THEORY................................................................................................................................................................12
SUPPLY THEORY..................................................................................................................................................................13
THEORY OF THE FIRM........................................................................................................................................................14
DISTRIBUTION THEORY......................................................................................................................................................15
GOVERNMENT INTERVENTION IN THE ECONOMY.....................................................................................................16
INTERNATIONAL TRADE....................................................................................................................................................17
MEASUREMENT OF ECONOMIC PERFORMANCE.......................................................................................................18
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 MONEY AND THE PRICE LEVEL.......................................................................................................................................19
MACRO-ECONOMIC PROBLEMS AND POLICIES.........................................................................................................20
FORM 6......................................................................................................................................................................................................21
DEMAND THEORY................................................................................................................................................................21
SUPPLY THEORY..................................................................................................................................................................22
THEORY OF THE FIRM........................................................................................................................................................23
DISTRIBUTION THEORY......................................................................................................................................................24
GOVERNMENT INTERVENTION IN THE ECONOMY.....................................................................................................25
INTERNATIONAL TRADE....................................................................................................................................................26
MEASUREMENT OF ECONOMIC PERFORMANCE.......................................................................................................27
MONEY AND THE PRICE LEVEL.......................................................................................................................................28
MACRO-ECONOMIC PROBLEMS AND POLICIES.........................................................................................................29
9.0 ASSESSMENT.................................................................................................................................................................................30
a) ASSESSMENT OBJECTIVES.....................................................................................................................................30
b) SCHEME OF ASSESSMENT.......................................................................................................................................30
c) SPECIFICATION GRID.................................................................................................................................................32
10.0 CHECKLIST OF ECONOMIC TERMS AND CONCEPTS................................................................................................................34

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1.0 PREAMBLE

1.1 INTRODUCTION

This economics learning area is a two year syllabus covering Forms 5 and 6. It is designed to expose students to economic
principles and theories as useful tools for rational decision –making relating to individuals, business, government and society; and
to enhance their understanding and appreciation of economics both as an academic field of study and a practical course.

1.2 RATIONALE

The study of Economics enables learners to develop an imaginative, enterprising and creative behaviour. It inculcates in the
learner the ability to manage available resources efficiently and sustainably. The learner is introduced to micro and macroeconomic
issues in order to develop enterprising skills in self reliance, employment creation and resource management on a local and
international level

1.3 SUMMARY OF CONTENT

The syllabus seeks to equip the learner with the economic tools necessary for an understanding and interpretation of economic
phenomena experienced by Zimbabwean people and the world over and for communicating intelligently and effectively on
economic issues such as, inflation, employment, foreign trade, economic growth and development, indigenisation and resource
management and efficient utilisation among others. In keeping with the Curriculum Blueprint, on completion of this learning area,
the learner will learn to know, learn to do, learn to be, and learn to live together having been exposed to the values implicit within
the human rights and democratic principles.

1.4 ASSUMPTIONS

It is assumed learners:

 have studied Economics, Business Studies or Commerce from Form 1 - 4

 participate in decision making and interact with other economic agents.
 are aware of their economic environment
 desire to contribute meaningfully to the community and nation at large.
 have enterprising skills.
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1.5 CROSS-CUTTING THEMES

This learning area will address and emphasise the following cross-cutting themes in order to produce a learner who has an
exit profile which is beneficial to society.
 Gender equality - Labour market
 Team work - Production
 Risk management - International trade, Finance and Banking
 Safety - Production
 Food security - Production, Resource Management and Government Intervention
 Technology - Demand and Supply Theory
 Sexuality, HIV and AIDS - National Income Statistics, Economic Development
 Environmental issues - Resource Management, Government Intervention
 Enterprising - International trade, Small to Medium Enterprises, Indigenisation

2.0PRESENTATION OF SYLLABUS

The Economics syllabus is a two year learning area covering Forms 5 – 6. It includes a competency matrix and a suggested list of
resources that can be used.

3.0 AIMS

The syllabus aims to enable learners to:

 develop a thorough awareness of economic terminology, concepts, principles and theories

 comprehend, analyse and evaluate economic issues peculiar to Zimbabwe and other economies
 develop enterprising skills through utilisation of locally available resources for socio-economic transformation
 acquire values of Unhu/Ubuntu/ Vumunhu which will form the basis of decision making in resource allocation through
transparency and accountability

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4.0SYLLABUS OBJECTIVES

Learners should be able to:

 demonstrate knowledge and understanding of economic concepts, principles and theories

 apply theory to solve economic problems in developing and developed economies
 apply enterprising skills to contribute towards socio-economic transformation of their economy.
 organise, present and communicate economic ideas and make informed judgements in a clear, logical and appropriate
form.
 analyse economic information, arguments, proposals and policies taking into consideration relevant information, economic
theory and societal values.
 evaluate the social and environmental implications of a particular course of economic action.

5.0METHODOLOGY AND TIME ALLOCATION

5.1 METHODOLOGY

For the two year Economics learning area objectives to be achieved, a learner centred approach would be applied. Listed
below are some of the methods a teacher can use.
 class discussions
 debate
 group work
 project work
 problem solving
 research
 seminars
 simulation
 role playing
 educational tours
 school on the shop floor

It is advisable that the learner be exposed to more than one method in a lesson.

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5.2 TIME ALLOCATION

For the successful implementation of this syllabus, the following time allocation is recommended:
Form 5 - 6 should be allocated at least 8 periods of 35 minutes each per week.

6.0TOPICS

 Tools of Economic Analysis

 Economic Resources

 Demand Theory

 Supply Theory

 Theory of the Firm

 Theory of Distribution

 Government Intervention in the Economy

 International Trade

 Measurement of Economic Performance

 Money and the Price Level

 Macroeconomic Problems and Policies

7.0SCOPE AND SEQUENCE

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TOPIC FORM 5 FORM 6
Tools of Economic Analysis  Research techniques in Economics
 Measures of central tendency ______________
 Presentation and Analysis of economic data

 Factors of Production
Economic Resources  Renewable and non-renewable resources
 Relationship between societal needs/wants and
available economic resources
 Scarcity ________________
 Choice
 Opportunity cost
 Economic systems
- market economy
- planned economy
- mixed economy

 Characteristics of successful entrepreneurs

Enterprising  Sources of capital _______________
 Business organisations
 Business ethics

Demand Theory  Individual and market demand curves.  Utility theories

 Factors influencing demand - Marginal Utility Theory
 Movements along and shifts of a demand curve - Indifference curves Theory
 Price, income and cross elasticities of demand
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TOPIC FORM 5 FORM 6
- Factors affecting elasticities of demand
- Implications of elasticity concepts for revenue
and other business decisions.
Supply Theory  Individual and market supply curves  Growth of firms
 Factors influencing market supply  Survival of Small and Medium Enterprises
 Movements along and shifts of supply curves  Government support to SMEs
 Equilibrium price and quantity  Benefits of SMEs to society
 Consumer surplus and producer surplus
 Elasticity of supply
 Determinants of elasticity of supply
 Short – run and long – run production function
 Production costs
 Long-run cost function
- Economies and diseconomies of scale, (internal
and external).
Theory of the Firm:  Objectives of firms  Profits and losses
 Price and output determination: - Normal profits
- equilibrium conditions (e.g) marginal cost = - Abnormal profits
marginal revenue) - Cost minimisation
- Application of demand and supply analysis - Profit maximisation

 Market structures  Economic efficiency

- Perfect competition - Allocative efficiency
- Monopoly - Productive efficiency
- Monopolistic competition - Technical efficiency
- Oligopoly
- Contestable markets  Price discrimination

 Advantages and disadvantages of each

market structure
 Comparison of market structures
 Evaluation of market structures
Application to an economy
6
TOPIC FORM 5 FORM 6
Theory of Distribution:  Factors of production.  Marginal Revenue Productivity Theory.
 Determinants of supply and demand of each factor  Theory of demand and supply of factors of
of production production.
 Determination of rewards to factors of production  Wage differentials
- Rent  Loanable Funds Theory
- Wages  Liquidity Preference Theory
- Interest
- Profit  Application and evaluation of theories of
- Economic rent distribution in developing countries such as
- Transfer earnings Zimbabwe.
- Quasi rent

Government Intervention in the 
Economy:
Sources of market failure  Strengths and weaknesses of solutions to
- Public goods market failure
- Externalities  Application and evaluation of each
- Merit and demerit goods government intervention measure in an
- Market imperfections economy such as Zimbabwe

 Solutions to market failure  Strengths and weaknesses of central

- Taxation planning
- Price controls
- Subsidies  The decision-making process in Zimbabwe
- Direct provision
- Production quotas  Cost-benefit analysis
- Buffer stock
- Commercialisation
- privatisation
- central planning
- wages legislation/ Incomes Policy
- Land reform programme

7
TOPIC FORM 5 FORM 6
International Trade  Principles of absolute and comparative advantage.  Balance of Payments (BOP)
 Other determinants of trade flows e.g. political  Balance of Payments disequilibrium
factors.  Terms of trade.
 Arguments for and against free trade.  Exchange rates
 Types of protectionism.  Policies designed to correct BOP
 Economic integration. disequilibrium
 Commodity agreement.

Measurement of Economic
Performance
Money and the Price Level
 The circular flow of income of a closed and open  National income determination
economy  Main schools of thought.
 National income statistics  Aggregate demand and supply analysis.
 GDP deflator
 Comparison of living standards
 Characteristics and functions of money  Supply and demand for money
 Money market  Interest rate determination
 Credit creation  Inflation

Macro-economic Problems and  Macroeconomic problems  Conflicting macroeconomic objectives

Policies  Characteristics of developing and developed  Objectives of macro-economic policy
countries  Fiscal policy
 Monetary policy
 Exchange rate policy

8.0COMPETENCY MATRIX

FORM 5
TOOLS OF ECONOMIC ANALYSIS

KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED LEARNING SUGGESTED

8
 Learners should be (Skills, attitudes and ACTIVITIES RESOURCES
able to: knowledge)
Research  explain  Techniques of data  Discussing the techniques of  ICT tools
techniques methods of collection collecting data  Central statistic
collecting - interviews  Collecting data using the manuals
data in - questionnaires techniques  Charts with
economics - surveys  Drafting a questionnaire diagrams and
 compare and - observations  Comparing and contrasting the graphs
contrast - sampling methods of data collection
methods of - experiments  Distinguishing the strengths and
data  Strengths and weaknesses of the methods
collection weaknesses of data
collection techniques

Measures of calculate the  Measures of central  Computing the mean, mode and
central tendency mean, mode and tendency median
median - Mean
- Mode
- Median
Presentation  compile data  graphs and diagrams  Drawing graphs and diagrams
and analysis of analyse data - pie charts  Interpreting data
economic data in graphical, - bar charts  Comparing data variables
pictorial and - frequency polygons  Compiling data from given
numerical form - pictorial data schedule
- line graphs  Analysing graphical, pictorial and
 tables numerical data
 schedules
ECONOMIC RESOURCES

KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED SUGGESTED

Learners should be (Skills, attitudes and LEARNING ACTIVITIES RESOURCES
able to: knowledge)
Factors of Production  explain the factors  Factors of production  Discussing factors of  ICT tools
of production - Land production  Resources
9
KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED SUGGESTED
Learners should be (Skills, attitudes and LEARNING ACTIVITIES RESOURCES
able to: knowledge)
 analyse the - Labour  Explaining the persons
relationship - Capital economic problem of  Charts showing a
between wants and - Enterprise scarcity P.P.C
available resources  renewable resources  Illustrating efficiency,
(scarcity)  nonrenewable inefficiency and
 use production resources unattainable points
possibility curves to  scarcity using the Production
demonstrate  choice Possibility Curve
scarcity, choice and  opportunity cost (PPC)
opportunity cost  production possibility  Illustrating different
curve shapes of the PPC
 compare resource  efficiency  Explaining different
allocation in  increasing, decreasing shapes of the (PPC).
different economic and constant
Economic Systems systems opportunity cost  Comparing and
 economic systems contrasting resource
- market allocation in different
 explain the - planned economic systems
characteristics of a - mixed  Analysing the
successful  The role of price Zimbabwean system
entrepreneur - signalling  Discussing the role of
- rationing the price
Enterprising - rewarding  Discussing
 assess the  Characteristics such as characteristics of a
requirements for - risk takers successful
business formation entrepreneur
- opportunity  Describing
 Identify existing utilisation requirements for
business business formation
opportunities  Idea generation  Recognising business
 business proposal opportunities and
10
KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED SUGGESTED
Learners should be (Skills, attitudes and LEARNING ACTIVITIES RESOURCES
able to: knowledge)
 licensing starting up a small
 registration scale entity

 explain sources of  Sources of capital such  Discussing sources

Sources of capital capital as: of capital
 analyse procedures - loans  Identifying procedures
in acquiring capital - shares to be followed in
 examine and select - leasing acquiring capital
the best type of - hire purchase
businesses suitable - personal savings
to one’s  Business organisations  Comparing and
Business Organisations environment - sole trader contrasting types of
 explain business - partnership business
ethics - cooperatives organisations
- private & public limited  Selecting the best
business
 Business ethics organisations suitable
-Unhu/Ubuntu/ to one’s environment
Business ethics Vumunhu  Discussing business
- accountability ethics
- social responsibility
- environmental
consciousness

DEMAND THEORY

KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED LEARNING SUGGESTED

Learners should be able to: (Skills, attitudes and ACTIVITIES RESOURCES
knowledge)
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  analyse the causes of  Demand curve  Drawing market  ICT
Determinants of movements along the demand curves  Print media
demand demand curve and shifts  Determinants of  Explaining the  Electronic media
of the demand curve. demand movements along and  Resource person
shifts of a demand
curve
 Computing various
Elasticity concepts  explain concepts of  Price, income and elasticities of demand
elasticity of demand cross elasticity of  Interpreting numerical
 calculate various demand values
elasticities of demand  Importance of  Illustrating degrees of
 evaluate the importance elasticity concepts elasticities
of elasticity of demand to :  Assessing the
- Households importance of elasticity
- Firms concepts
- Government  Researching and
analysing demand
patterns in their
immediate markets

SUPPLY THEORY

KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED LEARNING SUGGESTED

Learners should be able to: (Skills, attitudes and ACTIVITIES AND NOTES RESOURCES
knowledge)
Determinants of  explain the determinants  Supply curve  Drawing market supply  ICT tools
12
supply of supply
 distinguish between
movements along and
shifts of the supply curve
 explain the establishment
Equilibrium price of equilibrium price and
and quantity quantity
 distinguish between
consumer surplus and
producer surplus
 calculate price elasticity
of supply
Price elasticity of  analyse determinants of
supply elasticity of supply
 explain short run and
long run periods
Production costs  calculate production
costs
 distinguish between
internal and external
economies and
diseconomies of scale
THEORY OF THE FIRM
KEY CONCEPTS OBJECTIVES
Learners should be able to:
Objectives of  explain the objectives of
 Determinants of curves  Charts/ diagrams
supply  Explaining movements on supply curves
along and shifts of a  Resource person
supply curve
 Equilibrium price and  Illustrating equilibrium
quantity  Explaining the difference
 Consumer surplus between consumer
 Producer surplus surplus and producer
surplus
 Price elasticity of  Explaining determinants
supply of elasticity of supply
 Importance of  Evaluating the importance
elasticity of supply of price elasticity of supply
 Production costs  Discussing short run and
- Short run costs long run production costs
- Long run costs  Computing production
 Costs costs
- Total cost  Analysing economies
- Marginal cost and diseconomies of scale
- Average costs
 Economies of scale
 Diseconomies of scale
UNIT CONTENT SUGGESTED LEARNING SUGGESTED
(Skills, attitudes and ACTIVITIES AND NOTES RESOURCES
knowledge)
 Objectives of firms  Discussing the objectives  Print media
13
firms firms such as: of the firm  ICT tools
- Profit maximisation
- Survival
- Growth
- Sales
maximisation
Price and output  describe the equilibrium  Firm’s equilibrium  Demonstrating the
determination conditions of the firm conditions (e.g equilibrium position
 analyse the factors that MC=MR)
influence the pricing and  Application of  Discussing factors that
output decisions of the demand and supply affect pricing and output
firm; analysis decisions of the firm
Market structures  explain the concept of  Features of different  Discussing
market structure; market structures characteristics of market
 assess the efficiency of - perfect competition structures
firms in different market - monopoly  Comparing and
structures - oligopoly contrasting market
- monopolistic structures
competition  Evaluating the efficiency
- contestable of firms
markets  Identifying the type of
 Analysis of market market structures in their
structures own setting
- Allocative and
productive
efficiency

DISTRIBUTION THEORY

14
KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED LEARNING SUGGESTED
Learners should be able to: (Skills, attitudes and ACTIVITIES AND NOTES RESOURCES
knowledge)
Factors of  explain the rewards for the  Rewards for factors of  Analysing the rewards  ICT Tools
production. factors of production; production. for factors of  Print media
- Rent production
- interest,
- wages
 distinguish between - profit.
economic rent and quasi  Economic rent  Explaining the
rent or transfer earnings  Quasi rent difference between
 Transfer earnings transfer earnings and
 apply the Marginal economic rent
Revenue Productivity
Determination of Theory(MRPT) to the  Theories of distribution  Discussing the
rewards for demand for land, capital - MRPT theories of distribution
factors of and labour - Demand and Supply
production  explain determination of - Liquidity Preference
rewards using Demand Theory
and Supply Theory - Loanable Funds Theory
 explain the concept of
wage differentials
 justify the existence of
Wage wage differentials  Wage differentials  Evaluating the reasons
differentials - Economic theory for wage differentials in
- Non-economic theory Zimbabwe
 Analysing
imperfections in the
labour market

GOVERNMENT INTERVENTION IN THE ECONOMY

15
KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED LEARNING SUGGESTED
Learners should be able (Skills, attitudes and ACTIVITIES AND NOTES RESOURCES
to: knowledge)
Sources of  explain the reasons for  Reasons for  Discussing reasons for  Print media
market failure government intervention government government intervention  ICT tools
in the market intervention: ( market failure)
-public goods
-externalities
-market imperfections
-merit and demerit good
-common properties
 explain methods by  Explaining the methods
Solutions to which governments  Measures used by of government
market failure intervene in markets government to control intervention to correct
market failure: market failure
- taxation  Explaining the sources of
- subsidies externalities
- direct provision  Identifying market failure
- regulation exhibited in their
- privatisation environment
- commercialisation  Suggesting possible
- nationalisation solutions to market
- control trade unions failure in their
- quotas communities
- Buffer stock

INTERNATIONAL TRADE

16
KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED LEARNING SUGGESTED
Learners should be (Skills, attitudes ACTIVITIES AND NOTES RESOURCES
able to: and knowledge)
International Trade  explain absolute  Theories of trade  Discussing absolute and  Recommended
theories and comparative -absolute and comparative advantage textbooks
advantage theories. -comparative theories  ICT tools
advantage.  Researching on Zimbabwe’s  Print media
Free trade  explain reasons for  Determinants of position of trade in terms of
trade. trade such as: comparative advantage
-trade flows  Analysing reasons for trade
-political factors.
 justify free trade  Arguments for  Discussing free trade
and against free
trade.
Protectionism  explain types of  Types of  Assessing the effectiveness
protectionism Protectionism of methods of protectionism
 evaluate types of such as
protectionism - tarrifs, quotas etc
Economic
Integration  explain economic  Economic  Distinguishing the types of
integration integration such integration
 assess the merits as:  Assessing the benefits of
and demerits of - free trade area economic integration
each type of - customs union
economic - economic union
integration  commodity
 examine commodity agreements  Assessing the usefulness of
agreements - GATT commodity agreements
- bilateral
agreements

MEASUREMENT OF ECONOMIC PERFORMANCE

KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED SUGGESTED

17
 Learners should be able (Skills, attitudes and LEARNING ACTIVITIES RESOURCES
to: knowledge) AND NOTES
Circular flow of national income  explain the flow of  The circular flow of  Analysing the flow of  Print media
national income income income  ICT tools
- closed  ZIMSTAT
economy Publications
National income statistics  calculate national - open economy  Computing national
income using  National income income
different approaches statistics  Gathering national
 compare national - Output approach income statistics
income statistics - Income  Analysing national
between countries approach income statistics
and within the same - Expenditure  Assessing the
country approach usefulness of national
- GDP income statistics
- GNP
- NNP
- Per capita  Converting nominal
GDP deflator  calculate the real income income into real
income using GDP  GDP deflator income
deflator  Nominal and Real  Explaining the
 distinguish between  Comparison of living difference between
nominal and real standards nominal and real
income income

MONEY AND THE PRICE LEVEL

KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED LEARNING SUGGESTED

Learners should be able to: (Skills, attitudes and ACTIVITIES AND NOTES RESOURCES
18
 knowledge)
Characteristics  explain characteristics of  Money  Analysing characteristics  Print media
and functions of money - Characteristics and functions of money.  ICT tools
money  examine the functions of - Functions  Resource persons
money

Money market  explain the functions and  Money market  Discussing the functions
role of money market institutions of money market
institutions in an - Central bank institutions
economy - Commercial banks  Visiting money market
- Building societies institutions
- Merchant banks

Credit creation  calculate the money
multiplier
 illustrate how banks
create money
 discuss the impact of
credit creation in an
economy
 Credit creation  Computing the money
- Money multiplier multiplier
 Demonstrating the use of
money multiplier to
determine money supply
 Discussing the effect of
credit creation in an
economy

MACRO-ECONOMIC PROBLEMS AND POLICIES

KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED SUGGESTED

Learners should be (Skills, attitudes and LEARNING ACTIVITIES RESOURCES
able to: knowledge) AND NOTES
19
 Macroeconomic  analyse causes of  Macroeconomic  Explaining causes of  ICT tools
problems macroeconomic problems such as: macro-economic  Print media
problems - Unemployment problems
 assess the effects - Inflation  Discussing the effects
of macroeconomic - BOP and Exchange of macroeconomic
problems rates problems
 Identifying effects of
unemployment and
inflation in their
Developing and  distinguish between  Characteristics of society
Developed developing and developing and  Comparing
economies developed developed countries developing and
economies developed economies

FORM 6

DEMAND THEORY

20
KEY CONCEPTS OBJECTIVES UNIT CONTENT (Skills, SUGGESTED LEARNING SUGGESTED
Learners should be able attitudes and ACTIVITIES RESOURCES
to: knowledge)

 explain theories of  Marginal utility theory  Explaining theories of  ICT tools

Marginal utility demand
 examine the relevance
of the theories of
demand
- Diminishing demand  Charts with
marginal utility  Assessing the relevance diagrams
- Equi-marginal of theories of demand illustrating utility
principle and indifference
- Limitations of curves
marginal utility  Print media
theory

Indifference curves  distinguish between  Indifference curve  Explaining the

theory normal and inferior
goods using the
substitution and income
effects
analysis differences between
- Substitution and normal and inferior goods
income effects using the substitution and
- Normal goods income effects
- Inferior goods

SUPPLY THEORY

21
KEY CONCEPTS OBJECTIVES UNIT CONTENT (Skills, SUGGESTED LEARNING SUGGESTED
Learners should be able attitudes and ACTIVITIES RESOURCES
to: knowledge)
Growth of firms  explain the reasons for  Growth of firms  Discussing reasons for  ICT Tools
growth of firms - Integration growth of firms  Resource Persons
 analyse the methods of - Mergers  Explaining methods of from SMEs
growth of firms - Diversification growth of firms  Print media
 assess the benefits of  Multinational firms  Evaluating benefits
large firms to the and costs of large firms to
economy society

Survival of SMEs  justify survival of Small  Small to Medium  Analysing the

to Medium Enterprises Enterprises government involvement
(SMEs)  Government in SMEs creation
 analyse reasons for involvement in the  Discussing survival of
government creation of SMEs small firms
involvement in the  Benefits of SMEs  Evaluating benefits of
creation of SMEs SMEs in their immediate
environment

THEORY OF THE FIRM

KEY CONCEPTS OBJECTIVES UNIT CONTENT (Skills, SUGGESTED LEARNING SUGGESTED

22
 Learners should be able attitudes and ACTIVITIES AND NOTES RESOURCES
to: knowledge)
Profits and losses  explain the types of  Profits and losses  Analysing the types of  Print media
profits earned by firms - Normal profits profits  ICT tools
- Abnormal profits  Financial
- Cost minimisation magazines
- Profit maximisation  Newspapers
 Economic efficiency
Economic efficiency  assess the efficiency - Allocative  Evaluating efficiency of
of firms in different efficiency different market structures
market structures - Productive
efficiency  Analysing the similarities
- Technical and differences between
efficiency market structures

 Price discrimination  Analysing the effects of

 Conditions for price discrimination in their
Price discrimination  explain price price discrimination community
discrimination  Evaluating conditions for
 analyse conditions for price discrimination.
price discrimination.

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DISTRIBUTION THEORY

KEY CONCEPTS OBJECTIVES UNIT CONTENT (Skills, SUGGESTED LEARNING SUGGESTED

Learners should be able attitudes and ACTIVITIES AND NOTES RESOURCES
to: knowledge)
Theories of  apply theories of  Marginal Revenue  Assessing the application  Print media
distribution distribution to the Productivity Theory. of economic theories to  ICT tools
economy  Theory of Demand the economy
and Supply of factors
of production.

 Loanable Funds
Theory  Analysing interest rate
Interest rate  evaluate the determination in the
determination applicability of the  Liquidity Preference economy
Loanable Funds and Theory
Liquidity Preference  Evaluating theories of
Theories in determining distribution
interest rates in their
economy

GOVERNMENT INTERVENTION IN THE ECONOMY

KEY CONCEPTS OBJECTIVES UNIT CONTENT (Skills, SUGGESTED LEARNING SUGGESTED

24
 Learners should be able attitudes and ACTIVITIES AND NOTES RESOURCES
to: knowledge)
Solutions to market  analyse the  Solutions to market  Evaluating the  Print media
failure effectiveness of failure effectiveness of  ICT tools
government - strengths government intervention in
intervention in an - weaknesses an economy
economy  Government
intervention in an
economy such as
Zimbabwe
 discussing the
Central planning  assess the  Central planning effectiveness of central
effectiveness of central - strengths planning in an economy
planning in an - weaknesses  Evaluating CBA as a
economy decision making tool
Decision making  analyse the decision  The decision-making  Researching on the
making process in process in Zimbabwe decision making process
Zimbabwe in Zimbabwe
 analyse the  Cost-Benefit
applicability of CBA as Analysis
a decision making tool

INTERNATIONAL TRADE

25
KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED LEARNING SUGGESTED
Learners should be (Skills, attitudes and ACTIVITIES AND NOTES RESOURCES
able to: knowledge)
Balance of  examine the  Balance of  Analysing the  Print media
Payments (BOP) components of payments(BOP) components of BOP  ICT tools
BOP - Current account  Calculating BOP
- Capital account  Collecting and analysing
- Balance of official data on Zimbabwe’s
financing composition and value
BOP  assess the types of  Balance of payments of exports and imports
Disequilibrium BOP disequilibrium disequilibrium  Analysing possible
- Surplus opportunities in the
- Deficit export market
 Analysing BOP surplus
Trade Policies  evaluate policy  Trade policies and deficit
measures to - Exchange rate  Discussing policy
correct BOP - Import substitution measures to correct
disequilibrium - Protectionism BOP disequilibrium
- Export promotion
- Look East

Terms of trade  Terms of trade  Analysing terms of trade

(TOT)  calculate terms of - Import price index
trade - Export price index
 Discussing operations
Exchange rates  Exchange rate of exchange rates
 assess the regimes
operations of - Fixed
exchange rates - Floating
- Managed

26
MEASUREMENT OF ECONOMIC PERFORMANCE

KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED SUGGESTED

Learners should be (Skills, attitudes LEARNING ACTIVITIES RESOURCES
able to: and knowledge) AND NOTES
National income determination  explain national  National income  Analysing national  Print media
income determination income determination  ICT tools
determination - Consumption  Illustrating equilibrium
- Investment national income
- Government  Explaining inflationary
expenditure and deflationary gaps
- Net exports
 discuss the main
Main schools of thought schools of  Main schools of  Discussing the main
thought thought. schools of thought.
- Keynesians
- Monetarists
 analyse the
components of  Aggregate  Explaining the
Aggregate demand and supply analysis aggregate demand and components of
demand and supply analysis. aggregate demand
supply and supply.

27
MONEY AND THE PRICE LEVEL

KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED LEARNING SUGGESTED

Learners should be able to: (Skills, attitudes and ACTIVITIES AND NOTES RESOURCES
knowledge)
Demand and  explain the determinants  Determinants of  Analysing the  Print media
supply for of money demand and money demand determinants of money  Multimedia
money supply  Determinants of demand and supply  ICT tools
money supply

Interest rate  examine the use of  Interest rate  Discussing interest rate
determination economic theories in determination determination
explaining interest rate - Loanable Funds
determination Theory
- Liquidity
Preference Theory
- Non- economic
determinants

Inflation  explain how inflation is
measured
 explain the relationship
between money supply
and price level
 Consumer Price Index  Analysing the relationship
& Retail Price Index between money supply
 Inflation and the price level
- Quantity Theory of  Discussing the
Money effectiveness of measures
- Causes of inflation used to control inflation
- Effects of inflation
- Controlling
inflation

28
MACRO-ECONOMIC PROBLEMS AND POLICIES

KEY CONCEPTS OBJECTIVES UNIT CONTENT SUGGESTED SUGGESTED

Learners should be (Skills, attitudes and LEARNING ACTIVITIES RESOURCES
able to: knowledge) AND NOTES
Macroeconomic  explain the  Macroeconomic  Discussing the  Print media
Objectives macroeconomic objectives relevance of  ICT tools
objectives - Price stability macroeconomic
- Full employment objectives in an
-Economic growth and economy
development
- Equity

Conflicting  examine the  Conflicting  Analysing the trade off

macroeconomic relationship among macroeconomic among objectives
objectives macroeconomic objectives such as:
objectives - Price stability
versus
unemployment
Macroeconomic  analyse  Evaluating
policies macroeconomic  Macroeconomic policies effectiveness of
policies - fiscal policy macroeconomic
- monetary policy policies (with
- exchange rate emphasis being on the
policy Zimbabwean
 Conflicting policy economy)
objectives

29
9.0ASSESSMENT

a) ASSESSMENT OBJECTIVES
By the end of the learning area learners should be able to;

 Explain economic concepts, principles and theories,

 Illustrate knowledge and understanding of economic variables,

 Interpret and comment on economic phenomena presented in specific scenarios to ascertain cause and effect,

 Apply theory to solve economic problems in developing and developed economies,

 Organise, present and communicate economic ideas and make informed judgements in a clear, logical and appropriate
form,

 Analyse economic information, arguments, proposals and policies taking into consideration relevant information,
economic theory and social values,

 Evaluate the social and environmental implications of a particular course of economic action guided by the values of
Unhu/ Ubuntu/ Vumunhu.

b) SCHEME OF ASSESSMENT

The syllabus scheme of assessment is grounded on the principle of inclusivity. Arrangements, accommodation and
modifications must be visible in both continuous and summative assessments to enable candidates with special needs to
access assessments and receive accurate performance measurement of their ability

FORM OF ASSESSMENT WEIGHTING

CONTINUOUS 30%
SUMMATIVE 70%
TOTAL 100%

30
CONTINUOUS ASSESSMENT

LEVEL ASSESSMENT TASKS WEIGHTING

FORM 5 1 ASSIGNMENT PER TERM 10%
1 THEORY TEST PER TERM
1 PRACTICAL ASSIGNMENT PER YEAR
FORM 6 1 ASSIGNMENT PER TERM 20%
1 THEORY TEST PER TERM
1 PRACTICAL ASSIGNMENT PER YEAR
TOTAL 30%

N.B. All assignments and tests should be marked out of 100

Soft skills should be assessed as learners do the continuous assessment tasks

SUMMATIVE ASSESSMENT

PAPER TYPE OF PAPER DURATION MARKS WEIGHTING

1 Multiple choice 1hr 30mins 40 20%
2 Data response 1 hr 15mins 40 20%
3 Essays 3hrs 100 30%
TOTAL 70%

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 Assessment of learner performance in ECONOMICS

Assessment
Assessment of
of learner
learner performance
performance in
in ECONOMICS
ECONOMICS
100%

Continuous assessment Summative Assessment

30% 70%

Paper
Paper 11 Paper 2 Paper 3
Profiling Form 5 Form 6 20% 2 30%
10% 20% 20% Paper
25%
25%

Profile Continuous Examination

assessment Mark= 70%
Mark= 30%

EXIT PROFILE FINAL MARK

100%
100%

32
 SPECIFICATION GRID

CONTENT DISTRIBUTION

PAPER 1 PAPER 2 PAPER 3

1. Tools of economic analysis 1. Tools of economic analysis 1. Economic Resources

2. Economic Resources 2. Economic Resources 2. Demand theory

3. Demand theory 3. Demand theory 3. Supply Theory

4. Supply Theory 4. Supply Theory 4. Theory of the firm

5. Theory of the firm 5. Theory of the firm 5. Theory of distribution

6. Theory of distribution 6. Theory of distribution 6. Government intervention in the economy

7. Government intervention in the economy 7. Government intervention in the economy 7. International Trade

8. International Trade 8. International Trade 8. Measurement of Economic Performance

9. Measurement of Economic Performance 9. Measurement of Economic Performance 9. Money and the Price level

10. Money and the Price level 10. Money and the Price level 10. Macroeconomic Problems and Policies

11. Macroeconomic Problems and Policies 11. Macroeconomic Problems and Policies

SKILL DISTRIBUTION
33
SKILL PAPER 1 PAPER 2 Paper 3
1. Knowledge and understanding 20-25% 20% 28%
2. Interpretation and application 50-55% 40% 16%
3. Analysis 20-25% 30% 20%
4. Evaluation ------- 36%
5. Organisation, Presentation and ------- 10%
Communication

DESCRIPTION OF PAPERS

Paper 1 Multiple Choice

The paper consist of 40 items with 4 options per question A,B, C or D. Candidates are required to select the most appropriate option in a
duration of 1 hr 30 minutes. The paper will carry 20% of the marks for the learning area.

Paper 2 Data Response

The paper will consist of two compulsory questions each carrying 20 marks testing particular knowledge, understanding and problem
solving skills. The time duration of the paper is 1hr 15minutes. The paper will carry 20% of the marks for the learning area.

Paper 3 Theory Essays

This paper will consist of 12 questions and candidates will be required to attempt 4 questions. The time duration of the paper will be 3hrs.
The paper will carry 30% of the marks.

Paper 4 Continuous Assessment

The continuous assessment will be based on assignments, tests and practical assignments. These will be spread over the 2 year period
for the learning area. It will carry 30% of the marks.

10.0CHECKLIST OF ECONOMIC TERMS AND CONCEPTS

34
NB A checklist such as this is neither exhaustive nor prescriptive: unless it is indicated as `not required', the omission of an item from this
list does not mean that examiners will not refer to it, while teachers may find if helpful or desirable in their learning areas to introduce terms
and concepts even if they lie outside the scope of the examined syllabus.

abnormal profit average propensity

absolute advantage average revenue
accelerator average variable cost
active balances balance for official financing
ad valorem tax balance of payments
aggregate demand balance of trade
aggregate expenditure balanced Budget
aggregate supply balancing item
allocative efficiency Bank Rate
appreciation (exchange rate) barriers to entry
at constant prices barriers to exit
at current prices barter
at factor cost base date
at market prices bilateral trade
automatic stabilisers birth rate
autonomous broad money supply
average cost budget line
average fixed cost
average product canons of taxation
cross-elasticity of demand
capital current account of Balance of Payments
capital account of Balance of Payments customs unions
capital: output ratio death rate
cartels deficit
cash ratio deficit financing
cash ratio deposits deflation
central bank deflationary gap
ceteris paribus demand
change in demand demand conditions
change in quantity demanded demand cuve
35
cheques demand-deficiency unemployment
infrastructure market
injections market economy
integration market failure
interest market system
interest rate marketing economies
intermediation, financial Marshaall-Lerner Condition
internal economies of scale maximisation
investment measure of value
invisible balance medium of exchange
J-curve menu costs of inflation
Keynesian merit goods
Labour microeconomics
laissez-faire migration
land Minimum Lending Rate
law (economic) mixed economy
law of demand mobility of labour
law of supply Monetarism
leakages monetary policy
liquidity money
liquidity preference money supply
liquidity ratio monopolistic competition
liquidity trap monopoly
loanable funds theory monopsony
Lome Convention multilateral trade
long run multinationals
Maastricht, Treaty of multiplier
Macroeconomic narrow money supply
managed floating National Debt
marginal cost nominal income
natural increase
natural rate of unemployment perfectly inelastic
natural monopoly Phillips Curve
near-money planned economy
36
negative externalities point elasticity
net advantage positive externalities
net domestic product positive statement
net national product poverty trap
net property income from abroad precautionary demand for money
nominal price agreements
non-excludability price competition
non-pecuniary advantages price discrimination
non-price competition price elasticity of demand
non-rivalness price leadership
normal goods price mechanism
normal profit primary sector
normative statement principle of multiples in economies of scale
occupational mobility private benefits
official financing private costs
oligopoly private goods
open economy private sector liquidity
open market operations privatisation
opportunity cost producers' surplus
optimum output production possibility curve
optimum population productive efficiency
optimum resource allocation productivity
other things being equal profit
paradox of thrift profit maximisation
paradox of value progressive taxation
Pareto optimality proportional taxation
Patents protectionism
paternalism PSBR
pecuniary advantages PSDR
pensions public goods
perfect competition purchasing power parity
perfectly elastic quality of life
Quantity Theory of Money specific tax
quasi-rent speculative demand for money
37
quotas standard of deferred payments
rate of interest standard of living
rationing store of wealth
real structural unemployment
rectangular hyperbola subsidy
reflation substitute goods
regional policies substitution effect
regressive taxation supernormal profit
rent supply
reserve currencies supply conditions
resources supply curve
Restrictive Practices Court supply-side economies
retail banks surplus
Retail Prices Index sustainability
Revaluation tariffs
risk-bearing economies of scale taxation
sales maximization technical economies
sales revenue maximisation technical unemployment
satisficing profits terms of trade
saving tertiary sector
scarcity total currency flow
seasonal unemployment total revenue
second best theory trade creation
secondary sector trade cycle
services trade diversion
shares trade unions
shoe leather cost of inflation trading possibility curve
short run transactions demand for money
Smith, Adam transfer earnings
social benefits transfer payments
social costs Treasury Bills
special deposits unemployment
Special Drawing Rights unit of account
Specialization unitary elasticity
38
unstable equilibrium
urbanisation
variable costs
variable proportions
velocity of circulation
vertical integration
visible balance
voluntary unemployment
wage differentials
wage drift
wages
weights
withdrawals
working capital
yield

39