Understanding Market Mechanisms in New Ventures
Course Purpose Describing the free market system in terms of perfect and imperfect competitive markets, analysing the interplay of demand and supply in determining prices, examining factors influencing economic activity, and detailing the development and significance of markets are key …
Overview
Course Purpose
Describing the free market system in terms of perfect and imperfect competitive markets, analysing the interplay of demand and supply in determining prices, examining factors influencing economic activity, and detailing the development and significance of markets are key components in understanding the dynamics of economic systems and market structures.
What you’ll learn
This unit standard is intended for learners who wish to develop an understanding of the way market mechanisms operate in a new venture. It will also address the economic realities of South Africa and the role new ventures play in job creation. Learners credited with this unit standard will be able to explain the free market system in terms of perfect and imperfect competitive markets, analyse the interaction of demand and supply in price determination, analyse the factors that influence economic activity and describe the development and significance of markets.
Duration: 1 Day
Curriculum
Curriculum
- 4 Sections
- 21 Lessons
- 1 Day
- Unit 1: Explain the free market system in terms of perfect and imperfect competitive marketsASSESSMENT CRITERIA7
- 1.1An explanation is given of the characteristics of different economic systems
- 1.2The role of competition in a free market system is explained with examples from state-owned/monopolies and private businesses
- 1.3Competition is illustrated by listing varying prices of the same product/service
- 1.4Reasons for imperfect competitiveness are described with examples thereof
- 1.5The advantages and disadvantages of competition are explained with examples for the consumer and business
- 1.6A description is given of the interaction of role-players in the economic system
- 1.8The conditions for the existence of perfect and imperfect markets are explained in relation to the South African context
- Unit 2: Analyse the interaction of demand and supply in price determinationASSESSMENT CRITERIA6
- 1.1An explanation is given of the laws of demand and supply
- 1.2An explanation is given of the relationship between the variables of demand and supply curves
- 1.3The relationship between demand, supply, and price is discussed with reference to own products or services
- 1.4Factors that lead to changes in the demand and supply curve are listed in their own specific context
- 1.5Factors of production are explained in terms of the roles and contribution to the economy
- 1.6Money is explained in terms of its role in the economy
- Unit 3: Analyse the factors that influence economic activityASSESSMENT CRITERIA5
- 1.1The effects of cyclical movements in a market system are evaluated in context of a new venture
- 1.2A description is given of the concept of inflation and its impact on the new venture
- 1.3Reasons are identified for the decline in the value of money
- 1.4An explanation is given for the role of foreign currency and exchange rates in the general economy
- 1.5An explanation is given of the role of the interest/BA rate, Gross Domestic Product, and Balance of Payments in the operations of the new venture
- Unit 4: Describe the development and significance of marketsASSESSMENT CRITERIA3
- 1.1International trade as a result of uneven distribution of resources is investigated in terms of opportunities for new ventures
- 1.2Socio-economic factors are identified that underline the importance of new ventures in South Africa
- 1.3Growth sectors that exist in South Africa are identified and classified for possible new ventures
Requirements
- Grade 11
- NQF Level 3
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Course Features
- Lectures 21
- Quiz 0
- Duration 1 day
- Skill level All levels
- Language English
- Students 1867
- Assessments Yes