EMS GR.

7 TERM ONE FORMAL TASK1: ASSIGNMENT: MARKS: 50

THE ECONOMY: HISTORY OF MONEY AND NEEDS AND WANTS

NAME OF TEACHER: _________________________________________

NAME OF SCHOOL: __________________________________________

WEEK FIVE: DATE WRITTEN: ____________ ___________ 20_____

SECTIONA: HISTORY OF MONEY: 30 MARKS

Question1: Traditional societies (06 Marks)

1.1 They obtained food from wild fruits / plants, cultivated their own food, hunt
animals for meat, and fetch water from the river.√ (Any one) (1)

1.2 Caves, mud and grass hut √ (Any one) (1)

1.3 Traditional society is defined as the group of people who live together √ and
pass down traditions, beliefs and customs from one generation to another. √ (2)

1.4 In the traditional society there was no need for money because each household
produced just enough goods to satisfy their basic needs of their families.
The traditional society was self- sufficient / self- supporting.√√ (2)

Question 1 Total
6

EMS GR.7 TERM1 2020 ASSIGNMENT FORMAL TASK1 THE ECONOMY M.B. MAKOBE Page 1
 Question 2: Bartering Trade (06 Marks)

2.1 Foodstuffs such as tea, grain, tobacco, dates and cocoa. √ (1)

2.2 Durable articles such as beads, cowry shells, skins, pieces of wood.√ (1)

2.4 Bartering is the exchange of goods for goods√ without use of money. √ (2)

2.6 The exchange rate has to be agreed upon. (2)

It was difficult to determine whether one article, which was to be exchanged for
another article, was of the same value or quantity. √√
The division of goods is not always easy (no equal value)
It was difficult to put an equal value on the goods to be exchanged, as not all
goods can be divided up into smaller parts. For example, a sheep had to be cut
into smaller portions to exchange for a chicken.
Storage of wealth
Many goods used in bartering cannot be stored for long periods of time.

Question 2 Total
06

Question 3: Promissory Note: (08 Marks)

3.1 IOU- I Owe You √ (1)

3.2 Promissory note is a document which contains a promise√ to pay a stated

amount to a stated person either on a fixed date or when the money is demanded. √ (2)

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

3.3 Promissory Note

I, name and surname of the learner or any name, √ do promise to pay Leshole Style
Shop, the sum of R 5000. Repayment is to be made in the form of ten /10 √ equal payments
at 5% interest, or R525 payable on the first of each month, beginning 1st February √
until the total debt is paid. Any signature √
(Date) 18 January 2019 √

(05)

Question 3 Total
08

EMS GR.7 TERM1 2020 ASSIGNMENT FORMAL TASK1 THE ECONOMY M.B. MAKOBE Page 2
 Question 4: The Development of money as coins and paper (10 Marks)

4.1 Metals were used as coin money because they have value. √√ (2)

4.2 Representative money is money that represents the gold or silver in the storage of (2)
goldsmith/ banker. A receipt was used as promissory note meaning that the note is a
promise by the gold smith to give the gold in exchange for the note. √√

4.3 The Roles/ Functions of money (2)

1. Means of payment or medium of exchange.
The seller of goods is prepared to sell or exchange his goods for money and
the buyer in turn can use the money to buy things they need. √√
2. Unit of account
The prices of all goods and services are expressed in terms of money.
Money serves as a unit of account.
3. Store of value/ as a means of saving
Money can be used to save for a future need. Money stored cannot lose its value.
4. Money is a standard of future payment
When people things on credit and settle the account in the future.

4.4 Electronic Funds Transfers (EFT) is transfer of money from one bank account to
another bank account √ using a computer that has an internet access. √ (2)

4.5 ❖ You do not need to worry about carrying banknotes and coins to pay. √√ (2)
❖ It is very convenient as you can do any bank transaction in your own time
❖ The bank service is available 24 hours every day of the year, so you do not have
to wait in queues at the bank (It saves time)
❖ Banking is stress-free as there is no rush to get to the bank before it closes
❖ Bank transactions are faster than using an ATM or going to the bank
❖ It is efficient as all your bank accounts can be managed in an orderly manner
❖ You can do all bank transactions, without actually going to the bank.
❖ Can be done from a cell phone as well
❖ Saves printing costs which is good for environment.

Question 4 Total
10

SECTION A TOTAL
30

EMS GR.7 TERM1 2020 ASSIGNMENT FORMAL TASK1 THE ECONOMY M.B. MAKOBE Page 3
 SECTIONB: NEEDS AND WANTS: 20 MARKS

2.1 Food and water ½ , clothing ½, shelter/ housing ½, recreation ½ (2)

2.2 Basic/ Primary/ Physical needs are things that we cannot live without. √ (1)

2.3 Characteristics of needs (2)

❖ Needs and wants are unlimited √√
❖ All needs have limits. (excluding money)
❖ Needs substitute (replace) each other
❖ Needs are complimentary
❖ Needs differs.

2.4 Secondary needs/ Wants are a desire for goods and services that are not essential (2)
but will improve the quality of life. Or are things that make our lives comfortable. √√

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

EMS GR.7 TERM1 2020 ASSIGNMENT FORMAL TASK1 THE ECONOMY M.B. MAKOBE Page 4
2.6 Community is all the people who live or work together in a particular city/ (2)
town/ location/ village√ sharing similar needs and wants. √
Community is all the people with the same characteristics and values who live
as a group together in the same area.

2.8 All people/ everybody (individual, families, communities and countries) have
unlimited (many) needs and wants√ but resources (all the things needed to produce
goods and services) are little (scarce) √ (2)

EMS GR.7 TERM1 2020 ASSIGNMENT FORMAL TASK1 THE ECONOMY M.B. MAKOBE Page 5
Community/ Country needs Reasons why satisfied Reasons why not satisfied
Education √ Schools, universities, colleges √ Not enough schools, learners are overcrowded.
Safety and Security √ Police stations, prisons, patrol No police station with no cars or no policing or
safety control measures. √
Water Dams, taps No clean water on the taps or no taps.
Medical Care / Health services Clinics, hospitals No nearest clinic or not well equipped.
Recreation Stadium , parks, halls, sports grounds No community hall and a play park.

Jobs Shopping centres, Factories, business Many people are unemployed.

Healthy environment
Shelter/ Housing
building sites
Pavements cleaning, rubbish bins Streets are dirty, dustbins not collected.
removals
Residential building sites, RDP houses, Some people are still living in the informal
old age facilities settlement / informal settlement.

Sanitation Toilets , drainage Not all homes have flushing toilets. People still
use pit latrines or bucket.
Electricity House and Street lights Some homes do not have proper and legal
electricity connections.
(Any relevant TWO community needs or public goods or service and reasons)

20

SECTION A & B TOTAL

50

EMS GR.7 TERM1 2020 ASSIGNMENT FORMAL TASK1 THE ECONOMY M.B. MAKOBE Page 6
EMS GR.7 TERM1 2020 ASSIGNMENT FORMAL TASK1 THE ECONOMY M.B. MAKOBE Page 7