Grade 7 Economic Management Sciences EMS Term 2 Notes

Grade 7 Economic Management Sciences EMS Term 2 Notes Financial literacy is a topic that is covered in the Economic Management Sciences (EMS) Term 2 notes for Grade 7. The following ideas are included in this:

1. Accounting concepts: This topic covers the fundamental accounting concepts, including capital, assets, liabilities, income, expenses, profit, losses, budgets, savings, banking, financial records, and transactions. These concepts are essential to understanding how businesses manage their finances.
2. Income and expenses: This topic covers personal income and expenses, including the different types of personal income and how to create a personal statement of net worth. It also covers the types of income and expenses that businesses have, as well as savings and investments in businesses.

By studying Financial Literacy, students will gain an understanding of the basic financial concepts and skills needed to manage their personal finances and understand the financial operations of businesses. These skills are essential for making informed financial decisions throughout life, such as creating a personal budget, managing debt, and planning for the future. By mastering these concepts, students will be better equipped to navigate the complex financial landscape and make informed financial decisions that will benefit them throughout their lives.

List of Grade 7 Economic Management Sciences EMS Term 2 Notes

The subject Economic and Management Sciences deals with the efficient and effective use of different types of private, public or collective resources to satisfy people’s needs and wants. It reflects critically on the impact of resource exploitation on the environment and on people. It also deals with effective management of scarce resources in order to maximise profit.

Economic and Management Sciences is a practical subject that equips learners with real-life skills for personal development and the development of the community. The tasks set should contribute to personal development and should promote the idea of sustainable economic growth and the development of the community. The table below indicates the main topics in the Economic and Management Sciences curriculum.