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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Demonstrate an understanding of macroeconomic principles as they apply to the South African business environment 
SAQA US ID UNIT STANDARD TITLE
12761  Demonstrate an understanding of macroeconomic principles as they apply to the South African business environment 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
BANKSETA - Banking Sector Education and Training Authority 
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 4  NQF Level 04 
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 for people who have responsibility for understanding the basics of macroeconomics and are able to explain how these principles relate to the business environment in South Africa.

The qualifying learner is capable of:
  • Explaining basic economic concepts.
  • Measuring the macroeconomy.
  • Demonstrating an understanding of trends in the world economy.
  • Describing the role of money in economy and monetary policy.
  • Describing the workings of fiscal policy. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    The learner needs to be competent in English and Mathematics at an NQF level Four. 

    UNIT STANDARD RANGE 
    The range of this unit standard includes different economies such as the market economy, command economy and the mixed economy. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain basic economic concepts 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The concepts of scarcity, choice, efficiency, use of marginal analysis and opportunity cost are correctly explained. 

    ASSESSMENT CRITERION 2 
    2. The concept of macroeconomics is distinguished from that of microeconomics. 

    ASSESSMENT CRITERION 3 
    3. The common errors in economic thinking and sources of disagreement amongst economists are identified. 
    ASSESSMENT CRITERION RANGE 
    Bias, fallacy of composition, cause and effect between economic variables, levels and rates of change, value judgements, interpretation of facts and data, opinion, the impact of time perspectives and ceteris paribus.
     

    ASSESSMENT CRITERION 4 
    4. The concepts of supply and demand and elasticity of demand and supply are explained with the use of graphical illustration. 

    ASSESSMENT CRITERION 5 
    5. The impact of different economic systems. 
    ASSESSMENT CRITERION RANGE 
    Market economy, command economy, mixed economy on the main economic issues.

    Outputs e.g. goods and services, inputs, e.g. factors of production and distribution is described.
     

    ASSESSMENT CRITERION 6 
    6. The role of the economy in producing goods and services is explained. 
    ASSESSMENT CRITERION RANGE 
    Capital, entrepreneurship, labour and natural resources.
     

    SPECIFIC OUTCOME 2 
    Measure the macroeconomy 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The circular flow of a market or mixed economy is described. 

    ASSESSMENT CRITERION 2 
    2. The concepts of Gross Domestic Product, Unemployment, Consumer Price Index, Producer Price Index, and Inflation are explained and measured. 

    ASSESSMENT CRITERION 3 
    3. The main constituents of GDP are explained and measured. 
    ASSESSMENT CRITERION RANGE 
    Consumer spending, Government investment spending, exports, imports and savings.
     

    ASSESSMENT CRITERION 4 
    4. The concepts of Gross Domestic Product, Gross National Product, Gross Domestic Expenditure, Gross Domestic Income, the Balance of Payments and Exchange Rates are explained. 

    ASSESSMENT CRITERION 5 
    5. The performance of the South African economy in the last twenty years is explained in terms of the above factors. 

    ASSESSMENT CRITERION 6 
    6. The per capita GDP and GNP are calculated. 

    SPECIFIC OUTCOME 3 
    Demonstrate an understanding of trends in the world economy 
    OUTCOME RANGE 
    Economic growth, full employment, price stability (inflation), balance of payments stability and equitable distribution of income. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The importance of the major macroeconomic objectives is explained. 
    ASSESSMENT CRITERION RANGE 
    Emerging Market, Major Industrialised Countries.
     

    ASSESSMENT CRITERION 2 
    2. The nature and consequences of globalisation on the world economy is described. 

    ASSESSMENT CRITERION 3 
    3. The recent performance of the South African economy within the context of the performance of the world economy is described. 

    SPECIFIC OUTCOME 4 
    Describe the role of money in economy and monetary policy 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The functions of money are described. 
    ASSESSMENT CRITERION RANGE 
    Medium of exchange, store of value, unit of account.
     

    ASSESSMENT CRITERION 2 
    2. Measures of money are described. 

    ASSESSMENT CRITERION 3 
    3. The objectives, instruments and mechanics of monetary policy are described and explained. 

    SPECIFIC OUTCOME 5 
    Describe the workings of fiscal policy 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Fiscal policy is defined and understood. 

    ASSESSMENT CRITERION 2 
    2. Monetary policy is differentiated from fiscal policy, and their interdependence is explained. 

    ASSESSMENT CRITERION 3 
    3. Fiscal policy working in conjunction to meet macroeconomic objectives is explained. 

    ASSESSMENT CRITERION 4 
    4. The role of the budget in fiscal policy is explained. 
    ASSESSMENT CRITERION RANGE 
    Revenue, Expenditure, Budget Deficit.
     


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    Accreditation for this Unit Standards shall be from the relevant education and Training Quality Assurer through formative and summative assessment by a registered Assessor. Assessment should be contextual and be conducted in the workplace as far as possible.

    The relevant NSB and SGB should be notified of any feedback related to this qualification.
  • Assessors must be registered as an Assessor with the relevant ETQA
  • Moderators must be registered as assessors with the relevant ETQA
  • Training providers must be accredited by the relevant ETQA
  • Moderation should include both internal and external moderation where applicable
  • The relevant ETQA will co-ordinate all moderation activities in accordance with their policies and procedures 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    Learners can:

    1. Demonstrate an understanding of broad economic principles as they apply to businesses in South Africa. 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, analyse, organise and critically evaluate information when assessing the dynamics at play in the South African economy. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of interrelated systems when analysing the South African business environment within the context of economic factors. 

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

    UNIT STANDARD NOTES 
    Terminology:

    The learner should be able to define and contextualise the following terms:

    Balance of Payments, Cause and Effect, Ceteris Paribus, Choice, Command economy, Consumer Price Index, Demand, Factors of Production, Goods, Gross Domestic Product, Gross National Product, Fallacy of Composition, Gross Domestic Expenditure, Income, Inflation, Levels and Rates of Change, Macroeconomics, Microeconomics, Mixed Economy, Opportunity Cost, Scarcity, Services, Spending, Supply. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  24454   Further Education and Training Certificate: Real Estate  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2007-11-28  Was SERVICES until Last Date for Achievement 
    Elective  59201   National Certificate: Generic Management  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  As per Learning Programmes recorded against this Qual 


    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. BRIGHT IDEA PROJECTS 447 PTY LTD T/A MIND -THE- GAP 
    2. COLLEGE FOR BUSINESS AND AUCTIONEERS 
    3. KHULANI HR CONSULTANCY PTY LTD 
    4. KLM EMPOWERED HUMAN SOLUTIONS SPECIALISTS PTYLTD 
    5. ML VILJOEN CONSULTANTS 
    6. NBNET CONSULTANCY & PROJECTS PTY LTD 
    7. ORGANISATIONAL DEVELOPMENT INTERNATIONAL PTY LTD 
    8. SAKHISISIZWE PROJECTS 



    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.