SIBC Radio Broadcasts
- 8 May, 2020: Population and Urban Drift 1
- 15 May, 2020: Population and Urban Drift 2
- 22 May, 2020: Probability 1
- 29 May, 2020: Probability 2
- 5 June, 2020: Literature – Poetry 1
- 12 Jun, 2020: Literature – Poetry 2
- 19th June, 2020: Science – Genetics
- 3rd July, 2020: Economics and Commerce
- 10th July, 2020: Accounting
- 17th July, 2020: Agriculture
- 24th July, 2020: Animal Production
- 24th August, 2020: New Testament Study
3rd July, 2020: Economics and Commerce
Topic: Economics and Commerce
Presenter: Jeffery Ogamauri
- Business is vital to the economy:
- availability of goods and services – prices go lower, people can access the things they need
- creates economic growth – when business produces many products and services, many economic activities are occurring, the economy becomes strong.
- improves standard of living – people can afford things they need to improve their lifestyle
- Economic Problems:
- Scarcity of resources – prices go up, or are unavailable
- enhances specialization
- division of labour – different people produce different things that are needed
- creates interdependency
- Factors of production:
- 4 Basic Economic Questions – to solve the economic problems
- What to produce out of the limited resources?
- How much? Quantity?
- How to produce?
- For whom are we producing the resources? What is the market?
- Economies – complex systems as production of a huge variety of goods and services in various industries.
- Economic policies
- Monetary Policy – regulating prices, guiding money supply and interest rates, operated by the Central Bank
- Fiscal Policy – operated by Central Government, budgets for Government activities passed by Government annually to be undertaken by Government ministries.
- Production, consumption and price:
- Productivity – high levels enhances standard of living
- Price often determines consumption and production – when prices are low, consumption is high. When price is high, encourages production.
- Supply and demand
- Price and inflation – affects all users of goods and services. Government has a responsibility to keep prices low enough for population to afford
- Production and international trade – know how to calculate balance of payments, balance of merchandised trade, current accounts, capital accounts, etc.
- Balance of payments – current account and capital account
- Current Account:
- Balance of merchandise trade
- Service account
- Transfer account
- Balance of Capital Account:
- Private sector
- Government sector
- Trade protections:
- World Market Prices
- Exchange Rates
- Business Organisation – sole proprietors, departments of business, companies (private, public), cooperative (consumer or producer), joint ventures
Click on this link to see a collection of resources for Senior Secondary Economics