What is economic and management sciences?
The subject Economic and Management Sciences deals with the efficient and effective use of different types of private, public or collective resources to satisfy people’s needs and wants. It reflects critically on the impact of resource exploitation on the environment and on people. It also deals with effective management of scarce resources in order to maximise profit.
Economic and management Sciences is a practical subject that equips learners with real-life skills for personal development and the development of the community. The tasks set should contribute to personal development and should promote the idea of sustainable economic growth and the development of the community.
An overview of the content of this subject entails the following:
- the needs and wants of different communities in societies;
- the nature, processes and production of goods and services, and business activities within the different sectors;
- financial management, accounting as a tool for management of a business, and record keeping;
- the influence of demand and supply, and pricing;
- the flow of money, goods and services between households, business and government, and the rights andresponsibilities of the different role players in the economy;
- the way in which to achieve sustainable growth, reduce poverty and distribute wealth fairly, while stillpursuing profitability;
- entrepreneurial skills and knowledge needed to manage self and the environment effectively;
- basic aspects of leadership and management;
- the role of savings in sustainable economic growth and development;
- trade unions and their influence in the economy;
- the importance of using resources sustainably, effectively and efficiently; and
- functioning of both formal and informal businesses.