SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Explain basic economics 
SAQA US ID UNIT STANDARD TITLE
117132  Explain basic economics 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 3  NQF Level 03 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for learners who need to understand the basic principles of economics and the application in real life. It would be useful for Trustees of Retirement Funds and Medical Schemes, learners in financial services call centres, investment organisations and long term insurance. The qualifying learner is capable of:
  • Identifying the role players in the economy.
  • Explaining the factors of production.
  • Identifying institutions that operate in the economy.
  • Explaining the role of money in the economy. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this unit standard. Learners should be competent in Communication and Mathematical Literacy at Level 2. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
  • The role of government includes, but is not limited to tax, the national budget and government spending.
  • The flow of goods and capital include, but is not limited to supply and demand, needs and wants and scarcity.
  • Factors of production are land, labour, capital and entrepreneurship.
  • The role and functions of the Reserve Bank include banker to the government, clearing bank for commercial banks, custodian of gold and foreign reserves, the issue of bank notes and coins the control of credit and the amount of money circulation and monetary policy with regard to interest rates and inflation.
  • Access to credit includes, but is not limited to credit cards, credit agreements and credit on open account.
  • Means of payment include, but are not limited to, debit card, cheque, bank transfer, postal and money orders and cash. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify the role players in the economy. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of the economy is explained with reference to the macro and microenvironment. 

    ASSESSMENT CRITERION 2 
    The role of government in the macro environment is explained with reference to different economic systems. 

    ASSESSMENT CRITERION 3 
    The flow of goods and capital in the economy is explained with reference to the role players in the microenvironment. 

    ASSESSMENT CRITERION 4 
    The influence of the global economy on the South African economy is explained with examples. 

    SPECIFIC OUTCOME 2 
    Explain the factors of production. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The four main factors of production are identified and an indication is given of the remuneration of each. 

    ASSESSMENT CRITERION 2 
    The effect of the factors of production on the production of goods is investigated with reference to primary, secondary and tertiary industries. 

    ASSESSMENT CRITERION 3 
    The concept of entrepreneurship is explained with examples. 

    SPECIFIC OUTCOME 3 
    Identify institutions that operate in the economy. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The role and functions of the Reserve Bank are explained with examples. 

    ASSESSMENT CRITERION 2 
    The role of commercial banks, merchant banks and the land bank are explained with reference to the service offered by each type of bank. 

    ASSESSMENT CRITERION 3 
    The role of Retirement Funds in the economy is explained with examples. 

    ASSESSMENT CRITERION 4 
    The role of the Johannesburg Securities Exchange (JSE) and the Alternative Exchange (AltX) in the economy is explained with reference to the service they offer. 

    ASSESSMENT CRITERION 5 
    The roles of discount houses and investment managers are explained with reference to the type of service offered by each. 

    SPECIFIC OUTCOME 4 
    Explain the role of money in the economy. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The history of money is researched with reference to barter and cash. 

    ASSESSMENT CRITERION 2 
    The concept of credit is explained with reference to loans and time to pay for goods and services. 

    ASSESSMENT CRITERION 3 
    Ways of accessing credit are identified and an indication is given of the advantages and disadvantages of each. 

    ASSESSMENT CRITERION 4 
    Different means of payment are identified and an indication is given of the costs related to each. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and present information in researching the history of money. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learners is able to communicate effectively is explaining basic aspects of the economy. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems by identifying the relationship between the flow of goods and capital and the role players in the economy. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  66609   Further Education and Training Certificate: Retail Insurance  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Core  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  20183   National Certificate: Banking  Level 2  NQF Level 02  Passed the End Date -
    Status was "Reregistered" 
    2015-06-30  BANKSETA 
    Elective  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Reregistered  2023-06-30  INSETA 
    Elective  78529   Further Education and Training Certificate: Chemical Operations  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  61949   Further Education and Training Certificate: Pulp and Paper Operations  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2015-06-30  FPMSETA 
    Elective  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    3. Alcari Learning Centre (Pty) Ltd 
    4. CKP Development Agency (Pty) Ltd. 
    5. De Vries Management & Training Services cc 
    6. DSBI (Pty) Ltd 
    7. Executive People Development Solutions (Pty) Ltd 
    8. Faisit (Pty) Ltd 
    9. Ingomso Wealth 
    10. Intec College 
    11. Intelligo Solutions Pty (Ltd) 
    12. Invuya Institute of Learning (Pty) Ltd 
    13. Masifunde Training Centre (Pty) Ltd 
    14. MPACT 
    15. Nedbank Ltd 
    16. Old Mutual Life Assurance Company South Africa 
    17. Ray Strodl Consulting (Pty) Ltd 
    18. RJM Educational Consulting PTY LTD 
    19. Sanlam Life Insurance Ltd 
    20. Sanlam Life Insurance Ltd. 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.