SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Demonstrate an understanding of macroeconomic principles as they apply to the South African business environment 
SAQA US ID UNIT STANDARD TITLE
12761  Demonstrate an understanding of macroeconomic principles as they apply to the South African business environment 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
BANKSETA - Banking Sector Education and Training Authority 
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This unit standard is for people who have responsibility for understanding the basics of macroeconomics and are able to explain how these principles relate to the business environment in South Africa.

The qualifying learner is capable of:
  • Explaining basic economic concepts.
  • Measuring the macroeconomy.
  • Demonstrating an understanding of trends in the world economy.
  • Describing the role of money in economy and monetary policy.
  • Describing the workings of fiscal policy. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    The learner needs to be competent in English and Mathematics at an NQF level Four. 

    UNIT STANDARD RANGE 
    The range of this unit standard includes different economies such as the market economy, command economy and the mixed economy. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain basic economic concepts 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The concepts of scarcity, choice, efficiency, use of marginal analysis and opportunity cost are correctly explained. 

    ASSESSMENT CRITERION 2 
    2. The concept of macroeconomics is distinguished from that of microeconomics. 

    ASSESSMENT CRITERION 3 
    3. The common errors in economic thinking and sources of disagreement amongst economists are identified. 
    ASSESSMENT CRITERION RANGE 
    Bias, fallacy of composition, cause and effect between economic variables, levels and rates of change, value judgements, interpretation of facts and data, opinion, the impact of time perspectives and ceteris paribus.
     

    ASSESSMENT CRITERION 4 
    4. The concepts of supply and demand and elasticity of demand and supply are explained with the use of graphical illustration. 

    ASSESSMENT CRITERION 5 
    5. The impact of different economic systems. 
    ASSESSMENT CRITERION RANGE 
    Market economy, command economy, mixed economy on the main economic issues.

    Outputs e.g. goods and services, inputs, e.g. factors of production and distribution is described.
     

    ASSESSMENT CRITERION 6 
    6. The role of the economy in producing goods and services is explained. 
    ASSESSMENT CRITERION RANGE 
    Capital, entrepreneurship, labour and natural resources.
     

    SPECIFIC OUTCOME 2 
    Measure the macroeconomy 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The circular flow of a market or mixed economy is described. 

    ASSESSMENT CRITERION 2 
    2. The concepts of Gross Domestic Product, Unemployment, Consumer Price Index, Producer Price Index, and Inflation are explained and measured. 

    ASSESSMENT CRITERION 3 
    3. The main constituents of GDP are explained and measured. 
    ASSESSMENT CRITERION RANGE 
    Consumer spending, Government investment spending, exports, imports and savings.
     

    ASSESSMENT CRITERION 4 
    4. The concepts of Gross Domestic Product, Gross National Product, Gross Domestic Expenditure, Gross Domestic Income, the Balance of Payments and Exchange Rates are explained. 

    ASSESSMENT CRITERION 5 
    5. The performance of the South African economy in the last twenty years is explained in terms of the above factors. 

    ASSESSMENT CRITERION 6 
    6. The per capita GDP and GNP are calculated. 

    SPECIFIC OUTCOME 3 
    Demonstrate an understanding of trends in the world economy 
    OUTCOME RANGE 
    Economic growth, full employment, price stability (inflation), balance of payments stability and equitable distribution of income. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The importance of the major macroeconomic objectives is explained. 
    ASSESSMENT CRITERION RANGE 
    Emerging Market, Major Industrialised Countries.
     

    ASSESSMENT CRITERION 2 
    2. The nature and consequences of globalisation on the world economy is described. 

    ASSESSMENT CRITERION 3 
    3. The recent performance of the South African economy within the context of the performance of the world economy is described. 

    SPECIFIC OUTCOME 4 
    Describe the role of money in economy and monetary policy 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The functions of money are described. 
    ASSESSMENT CRITERION RANGE 
    Medium of exchange, store of value, unit of account.
     

    ASSESSMENT CRITERION 2 
    2. Measures of money are described. 

    ASSESSMENT CRITERION 3 
    3. The objectives, instruments and mechanics of monetary policy are described and explained. 

    SPECIFIC OUTCOME 5 
    Describe the workings of fiscal policy 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Fiscal policy is defined and understood. 

    ASSESSMENT CRITERION 2 
    2. Monetary policy is differentiated from fiscal policy, and their interdependence is explained. 

    ASSESSMENT CRITERION 3 
    3. Fiscal policy working in conjunction to meet macroeconomic objectives is explained. 

    ASSESSMENT CRITERION 4 
    4. The role of the budget in fiscal policy is explained. 
    ASSESSMENT CRITERION RANGE 
    Revenue, Expenditure, Budget Deficit.
     


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    Accreditation for this Unit Standards shall be from the relevant education and Training Quality Assurer through formative and summative assessment by a registered Assessor. Assessment should be contextual and be conducted in the workplace as far as possible.

    The relevant NSB and SGB should be notified of any feedback related to this qualification.
  • Assessors must be registered as an Assessor with the relevant ETQA
  • Moderators must be registered as assessors with the relevant ETQA
  • Training providers must be accredited by the relevant ETQA
  • Moderation should include both internal and external moderation where applicable
  • The relevant ETQA will co-ordinate all moderation activities in accordance with their policies and procedures 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    Learners can:

    1. Demonstrate an understanding of broad economic principles as they apply to businesses in South Africa. 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, analyse, organise and critically evaluate information when assessing the dynamics at play in the South African economy. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of interrelated systems when analysing the South African business environment within the context of economic factors. 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    Terminology:

    The learner should be able to define and contextualise the following terms:

    Balance of Payments, Cause and Effect, Ceteris Paribus, Choice, Command economy, Consumer Price Index, Demand, Factors of Production, Goods, Gross Domestic Product, Gross National Product, Fallacy of Composition, Gross Domestic Expenditure, Income, Inflation, Levels and Rates of Change, Macroeconomics, Microeconomics, Mixed Economy, Opportunity Cost, Scarcity, Services, Spending, Supply. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  24454   Further Education and Training Certificate: Real Estate  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2007-11-28  Was SERVICES until Last Date for Achievement 
    Elective  59201   National Certificate: Generic Management  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Academics Dynamics (Pty) Ltd 
    2. ACCEPTABLE SOLUTIONS CC 
    3. ADAMOPIX PTY LTD 
    4. AFRICAN ETD ACADEMY 
    5. AIYANA HAIR AND BEAUTY 
    6. ALIC GLOBAL PROJECT TRADE 
    7. ALL RISK MANAGEMENT 
    8. AMALUNGELO TRAINING GROUP PTY LTD 
    9. APHELELE AMAGEZA 
    10. AUXESIS CONSULTING 
    11. AZISA GLOBAL PTY LTD 
    12. BAHF HOLDINGS 
    13. BAPELA GLOBAL CONCEPT 
    14. BONTLE VBA PROJECTS 
    15. BRADLEY INTERNATIONAL TRAINING INSTITUTE 
    16. BRAVO GROUP MANUFACTURING PTY LTD 
    17. BRIGHT IDEA PROJECTS 447 PTY LTD T/A MIND -THE- GAP 
    18. BROAD MINDSET TRAINING PTY LTD 
    19. CC 
    20. COLLEGE FOR BUSINESS AND AUCTIONEERS 
    21. CSG SKILLS INSTITUTE PTY LTD 
    22. CUMLAUDE INSTITUTE 
    23. DORO-ELLA PTY LTD 
    24. DR CL SMITH FOUNDATION 
    25. DRAKE PERSONNEL SA PTY LTD 
    26. DUJA CONSULTING PTY LTD 
    27. ENGLISH BUSINESS SKILLS TRAINING 
    28. EXECUPRIME BUSINESS COLLEGE 
    29. EXPERIENTIAL TECHNOLOGIES PTY LTD 
    30. FINANCE ASSET MANAGEMENT CONSULTANTS 
    31. GEORGE URQUHART ENTERPRISES CC 
    32. GOLD CLASS GROUP 
    33. GOLDBERG DE VILLIERS EN MYBURGH PTY LTD 
    34. HAGGAI ACADEMY OF LEARNING PTY LTD 
    35. HR CONSULTANCY AND LEARNING PTY LTD 
    36. HR MATTERS PTY LTD 
    37. HYBRID DYNAMICS 
    38. IMBOKODO BUSINESS NETWORKS PTY LTD 
    39. IMPERIAL CROWN TRADING 490 PTY LTD 
    40. INDALO TRADINGS PTY LTD 
    41. K V FUZE TRADING PTY LTD 
    42. K Y TRAINING SOLUTIONS 
    43. KENO CONSULTING PTY LTD 
    44. KHULANI HR CONSULTANCY PTY LTD 
    45. KINGSBURY INTERNATIONAL COLLEGE SA PTY LTD 
    46. KLM EMPOWERED HUMAN SOLUTIONS SPECIALISTS PTY LTD 
    47. KOFTECH INSTITUTE OF TECHNOLOGY 
    48. LSC STAFFING SOLUTIONS PTY LTD 
    49. LULWANDLE TRAINING CONSULTANTS 
    50. MACCAUVLEI LEARNING ACADEMY PTY LTD 
    51. MADYONZI TRADING AND PROJECTS 
    52. MALABA TRAINING PROJECTS 
    53. MATHOLWANE CONSUTING 
    54. MCANYI GROUP PTY LTD 
    55. MEGRO LEARNING LOWVELD 
    56. MILA CLEANING SERVICES PTY LTD 
    57. ML VILJOEN CONSULTANTS 
    58. MPEMBE PROJECT MANAGEMENT 
    59. MPHOLAFUDI HOLDINGS TRADING AS MPHOLAFUDI INSTITUTE 
    60. MUDI DYNAMICS PTY LTD 
    61. MYFAMILY PROJECTS AND CONSULTING 
    62. NBNET CONSULTANCY PROJECTS PTY LTD 
    63. Nedbank Ltd 
    64. NEWSKILLS CONSULTING PTY LTD 
    65. NKHULULEKO PROJECT MANAGEMENT AND CONSTRUCTION PTY LTD 
    66. NRBC TRAINING AND DEVELOPMENT PTY LTD 
    67. ORGANISATIONAL DEVELOPMENT INTERNATIONAL PTY LTD 
    68. PAM INTER GROUP PTY LTD 
    69. PEDANT DEVELOPMENT SERVICES 
    70. PEOPLE INSPIRED HR 
    71. PHIWOKUHLE PROJECTS CC 
    72. PINNACLE SKILLS EVOLUTION PTY LTD 
    73. PROPAT CC 
    74. PUISANONG INVESTMENT ENTERPRISES PTY LTD 
    75. REVES GUEST HOUSE 
    76. RHIFUMO LERUO 
    77. ROBIN T J THOMAS BUSINESS CONSULTANT PTY LTD 
    78. ROCK LILLY CONNECTIONS PTY LTD 
    79. ROYALTY TRAINING INSTITUTION PTY LTD 
    80. SADHANA GOVENDER PROJECT CONSULTANTS PTY LTD 
    81. SAKHISISIZWE PROJECTS 
    82. SANOJ PROJECT SOLUTIONS 
    83. SEZELA TRAINING ACADEMY 
    84. SHIRS VISION COMPLEADEV PTY LTD 
    85. SIGNATURE SUPPORT PTY LTD 
    86. SIRSAM CONSULTING PTY LTD 
    87. SIYAKHA LEARNING PTY LTD 
    88. SONANI TRAINING AND COMMUNICATIONS CC 
    89. SUPER MANAGEMENT NATAL CC 
    90. THINKFREE AFRICA 
    91. THINKING MIND 
    92. TPM TRAINING ACADEMY 
    93. TSINGAMO MANAGEMENT CONSULTANT AND PEOPLE DEVELOPMENT PTY 
    94. TURNING ECONOMIC TABLES INVESTMENTS PTY LTD 
    95. UNIVERSITY OF JOHANNESBURG 
    96. URBANAC TRAINING PTY.LTD 
    97. VRV SINGH ENTERPRISES LTD 
    98. World Pace Development and Training Institute 
    99. YOLANDE TOOHEY CONSULTANTS PTY LTD 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.