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EMS term 1memo - TERM 1 TASK 1 - CASE STUDY
Bachelor of education (90102), university of south africa, recommended for you, students also viewed.
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Economic and Management Sciences
TASK 1 – Case Study
History of Money & Needs and Wants
Time: 60 minutes
Moderator: ________________ Examiner: ___________
MARKING GUIDELINE
Question 1 Question 2 TOTAL Maximum marks 30 20 50
Marks obtained
Feedback to the learner:
This case study consist of 6 pages.
Read the case study below before answering the questions.
THE BIRTH OF AN EMPIRE
Richard John Pelwana Maponya, born 24 December 1921 was a South African entrepreneur and property developer best known for building a business empire despite the restrictions of apartheid and his determination to see the Soweto township develop economically. This is his story:
Born in Maponya Hill north of Limpopo, attended his primary school in Spitzkop and went to complete his Matric in Ga- Mamabolo. At the age of 24, during World War II, he moved to Alexandra township in Johannesburg to take up a teaching post. – a position he only had for a year. When he got to Joburg, he met his relative who told him there is a Department Store in Johannesburg CBD that is looking for a well- educated black South African. He then took a job as a merchandiser in a department store. After three months into the job, he got promoted as a buyer for the store.
Richard and his sales manager had a very good relationship. Because he could not be promoted any further, his sales manager that was now the CEO, provided him with soiled clothing and off-cuts which he resold in Soweto. With the profit he made, he tried to open a retail clothing store, but was not very successful.
Looking back at his life, he was not so young anymore, he realised that he was exposed to all the types of money and could recall all different stages of the history of money, and how things have changed over the years. He could remember the time when bartering started, and different commodities was used like shells. When gold standards was used and later the use of metal coins and paper money, it was an exciting time for all! He could still remember the day the first ATM was installed in Soweto. Never could he have thought that in a few years electronic banking and paying with credit- and debit cards will become a reality and EFT’s the norm.
Samuel started from the bottom and identified the needs and wants of the people of Soweto. He based his first business on what was needed in the community. Later on, he opened Dube Hygienic Diary and employed some members of the community to help him sell the goods and deliver it to the customers houses where there was no electricity.
This undertaking grew into a very big supermarket after which he decided to also explore other business opportunities. He bought car dealership and even owned racehorses. He opened some petrol stations and went on to becoming property developer. His goal was to open a shopping mall with all the necessary stores that can address the needs and wants of his people. No matter how rich he became, he always remembered his community.
On 27 September 2007 Richard Maponya opened the Maponya Mall in Soweto. It holds more than 200 stores and a cinema complex. Although many challenges, his dream was fulfilled!
Richard had a first-hand experience of the history of money and how modern and traditional societies developed.
[Source: Adapted from en.wikipedia/wiki/Richard_Maponya]
1.3 As technology developed, the security features of money also needed to be enhanced.
Name TWO security features on a South African banknote.
Water mark within the paper Security thread running through the paper High quality paper Print quality (Any 2 correct for 1 mark each) (2X1)(2) 1.3 Give any TWO roles of money.
It is a medium of exchange Unit of account Store of value (Any 2 for 1 mark each) (2X1)(2)
1.3 Mention TWO characteristics of money that makes it a sustainable medium of exchange.
It is scarce It is durable It is portable. It is divisible (Any 2 for 2 marks each) (2X2)(4)
1 “.. he have thought that in a few years electronic banking and paying with credit- and debit cards will become a reality and EFT’s the norm...”
Discuss THREE advantages and THREE disadvantages of the use of electronic banking as we see it today in shops, malls and stores.
ADVANTAGES: Available 24 hours a day Consumers and producers need not be in the same place Saves on travelling and time More choice in products and services
DISADVANTAGES:
More information needed by online stores before purchasing is approved Personal information not always safe: credit card fraud Cannot check the quality before buying
Difficult to return faulty goods (Any other correct and relevant answer) (6X2)(12) [30]
QUESTION 2: NEEDS AND WANTS
2 Underline the correct word in brackets to make the following statements TRUE.
Basic needs are things we (can / cannot√) live without.
A house is an example of a (primary need√ / secondary need).
c) (Food / TV√) can be classified as a want. d )
Wants are things we (can / cannot) live without.
Resources to fulfil desires are (unlimited / limited√).
“... and identified the needs and wants of the people of Soweto. He based his first business on what was needed in the community...”
2 List FOUR characteristics of a need and FOUR characteristics of wants.
NEED: Are necessities or essentials√ Essential for survival√ Do not change over time√ Non-fulfilment can lead to adverse outcomes. √ All individuals have the same basic needs. Needs are interrelated, the fulfilment of one will lead to another
(4X1) WANT: Desires√ Not essential for survival√ Change over time. √ Non-fulfilment may lead to mental distress√ Wants may different according to different individuals. Compete with each other
2 Define the following concepts.
Economic Problem:
How to satisfy our unlimited needs and wants with limited resources.
- Multiple Choice
Course : Bachelor of education (90102)
University : university of south africa.
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