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 levels within government structures.
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.
National Budget describes how money raised through taxes and loans will be divided among national, provincial and local government.
National Budget expenditure is what the government spends money on to make our lives better, from the taxes they collect from households and businesses.
