In Grade 7 we learnt about the history of money from traditional societies who are small communities that have basic needs and initiated trade through the bartering of goods and services. This lesson looks at the first topic in grade 8, the government, we look at the meaning and the different l...

There are many ways in which government interactions with households. Households refer to people in the economy who own and control the factors of production, being natural resources, capital, labour and entrepreneurship.

The National Budget describes how money raised through taxes and loans will be divided among national, provincial and local governments

National Budget expenditure is what the government spends money on to make our lives better, from the taxes they collect from households and businesses.

We discuss the different types of societies that exist around the world and in our country. The societies being self- sufficient societies, modern societies and rural societies. We briefly go through the impact of development on the environment, unemployment, and productive use of resources to pr...

This part of EMS falls under financial literacy and it involves some calculations. This lesson will introduce you to the theory of accounting, accounting concepts, what a sole trader is, banking, payments and receipts.

In order to understand the “Accounting language” you need to familiarise yourself with a few more terminologies. In this lesson we look at assets, liabilities, income and expenses and profit vs loss.

The accounting cycle refers to a series of steps that occur every month. The accounting cycle has the following steps: transactions, source documents, subsidiary journals, general ledger, retail balance, Income statement and the balance sheet.

A source document is completed for every transaction as proof of that transaction. The source documents that you learn about at the grade 8 level include duplicate receipts, cash register rolls, cash invoices, bank deposit slips, cheque counterfoil, and bank statements.

Subsidiary journals are a point of first entry meaning that when a transaction is entered in the accounting records it is first entered into a journal and because there are so many types of transactions and source documents there is also a wide range of journals.