Test 1
EMS
GRADE 9
2022
QUESTION 2: CIRCULAR FLOW
Study the following circular flow diagram before the questions.
Factors production (FOPs)
(wages,rent,interest,profit)
labor,capital
income
Factor Market
Business
Government
Revenue
households
consumer expenditure
Goods, Services
goods and services
Product Market
2.1. identify the remuneration for the four factors of production
(4)
2.2. What kind of goods and services does the government provide to household and
businesses? List at least three examples.
(3)
2.3 Discuss the flow of goods and services between household and businesses in a
closed economy.
(2)
2.4. Discuss the correct word from within the brackets. Write only your answer next to
the question number in your ANSWER BOOK.
(Service / Labour) includes the physical and mental work done by an employee. (1)
2.5. Who sells Factors of production to the business?
(2)
2.6. The person responsible for organising, controlling and allocating factors of
production is called………………………………………………
QUESTION 3.
Record the following in the
1. Cash receipt journal
2. Cash payment journal
a. The owner deposited R50000 into the bank account of the business as capital.
b. Cash sales amounted to R20000.
c. The business received R30000 cash from the debtor Mr. Kupy.
d. Paid 20000 for water and electricity to Tzaneen municipality.
e. Paid salaries and wages R30000.
f. They paid rent R4500.
(2)
TOTAL 50 Marks