EMS GR.

7 TERM ONE FORMAL TASK1: ASSIGNMENT: MARKS: 50

NAME OF LEARNER: _________________________________________

NAME OF SCHOOL: ________________________________GR. ( )

DATE WRITTEN: ______________ 20___ Learner`s Marks / 50 %

THE ECONOMY: HISTORY OF MONEY AND NEEDS AND WANTS

SECTIONA: HISTORY OF MONEY: 30 MARKS

Question1: Traditional societies (06 Marks)

1.1 Name ONE way of obtaining food in the traditional society. (1)
________________________________________________________________

1.2 Name ONE example of shelter used in the traditional society. (1)
_________________________________________________________

1.3 Define the word traditional society. (2)

Traditional society _________________________________________________

________________________________________________________________

1.4 Explain ONE reason why traditional society did not use money. (2)
________________________________________________________________

________________________________________________________________

Question 1 Total
6

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 Question 2: Bartering Trade (06 Marks)

2.1 Name ONE example of foodstuff used as money in the olden days. (1)
_________________________________________________________

2.2 Name ONE example of durable good used as money in the olden days. (1)
_________________________________________________________

2.4 Define the word bartering. (2)

Bartering _________________________________________________________

_________________________________________________________________

2.6 Explain why bartering system failed as means of payment. (2)

__________________________________________________________________

__________________________________________________________________

Question 2 Total
06

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 Question 3: Promissory Note: (08 Marks)

3.1 Write the abbreviation IOU in full. (1)

___________________________________________________________________

___________________________________________________________________

3.2 Define the word promissory note. (2)

Promissory note _____________________________________________________

___________________________________________________________________

Suppose you owe the amount of R5000 Leshole Style Shop and you wish to repay the amount of
money in ten instalments per month, payable from the beginning of February 2019 at 5%.

3.3 Design a promissory note with the following details. (5)

Promissory Note
I, ___________________________, do promise to pay Leshole Style Shop, the sum of

R 5000. Repayment is to be made in the form of __________ equal payments at 5% interest,

or R525 payable on the first of each month, beginning 1st ____________________________

until the total debt is paid.

________________________

(Date) ________________________

[05]

Question 3 Total
08

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 Question 4: The Development of money as coins and paper (10 Marks)

4.1 Describe why metals were used as coin money. (2)

___________________________________________________________________

___________________________________________________________________

4.2 Explain the origin of paper money. (2)

___________________________________________________________________

___________________________________________________________________

4.3 State ONE role of money today in your opinion. (2)

__________________________________________________________________

__________________________________________________________________

4.4 Define Electronic Funds Transfers (EFT). (2)

Electronic Funds Transfers ____________________________________________

____________________________________________________________________

4.5 Explain ONE advantage of Electronic Funds Transfers. (2)

___________________________________________________________________

___________________________________________________________________

Question 4 Total
10

SECTION A TOTAL
30

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 SECTIONB: NEEDS AND WANTS: 20 MARKS

2.1 Name FOUR basic needs (2)

________________, _________________, ______________, ______________

2.2 Define the word basic needs. (1)

___________________________________________________________________

___________________________________________________________________

2.3 Name TWO characteristics of needs and wants. (2)

___________________________________________________________________

___________________________________________________________________

2.4 Explain the word secondary needs. (2)

___________________________________________________________________

___________________________________________________________________

2.5 Draw and label Maslow`s pyramid of needs. (5)

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2.6 Explain the word community. (2)
___________________________________________________________________

___________________________________________________________________

2.7 Name ONE basic need of your community that is well satisfied and ONE that is not
well satisfied. Explain the ONE reason why it has or not been satisfied. (4)

Name of community needs Explain the reason why it has been well satisfied.

Name of community needs Explain the reason why it has not been well satisfied.

2.8 Explain the economic/ scarcity problem. (2)

______________________________________________________________________

______________________________________________________________________

20

SECTION A & B TOTAL

50

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