EMS whole

• • Own capital - money raised by owner himself/herself
  • Borrowed Capital - money borrowed outside the business from the bank,family or friend
  • Owners equity - the owners total interest in the business
• Liability - what the business owes to another business
• types of liability:

  • current liability - the amounts owed by the business, which must be repaid within a year. Ex. bank overdraft
  • non current - long term borrowings which have to be repaid for many years . Ex. mortgage loan
• Types of assets:

  • non current assets
  • current assets
• Types of transactions

  1. Cash transactions - goods bought are paid for at the time of purchase / immediately
  2. credit transactions - goods bought are paid for at a later stage
• The role of money

  • It is a medium of exchange - use it to buy goods and services
  • Unit of account - standard measure of how much goods and services are worth
  • Store of value - it holds its value over time
• EFT - Eletronic fund transfer
• Types of cards used to make payments

  • Debit cards - allows you to deposit and with draw money from your account
  • Credit cards - can purchase goods on credit and pay for them later
• ATM - Automated Teller Machine
• Basic needs

  • Health services
  • Transport services
  • Communication services
  • Education services
  • Waste disposal services
  • Safety and security
• Abraham Maslow's hierarchy of needs:

  1. Self actualization
  2. Esteem
  3. Love/belonging
  4. Safety
  5. Physiological
• 2 types of goods

  • free goods - they are the most important goods , which we don't pay for
  • economic goods - goods we pay for
• Economic goods can be divided into:

  • Capital goods - Anything that is used by humans in order to make something else, For example, Factories , machinery and tools
  • consumer goods - goods that are used by people. For example, cars, groceries, stoves, and clothes
• Consumer goods can be divided into:

  • Durable goods - last along time, for example, cars, stoves, and radios
  • semi durable - last for some time, E.x, clothes, shoes, tyres
  • non durable - goods that get consumed/destroyed in the process of using them, E.x, food, medicine, electricity
• Goods - something that you use or consume

  Services - something someone does for you
• producers - produce goods and services for consumers

  consumers - buy goods and services from producers
• The primary sector is a sector that produces raw materials. Normally located in rural areas
• the secondary sector uses the raw materials to make products
• the tertiary sector produces services or sells goods
• inequality is when some people have something that others don't have
• Debit card: A card that allows you to deposit and withdraw money from and into your account at an ATM.

  Credit card: A card that allows you to purchase goods on credit and pay for them later.
• ADVANTAGES OF USING INTERNET BANKING

  • Buying, selling and banking can be done 24 hours a day, which increases efficiency
  • Consumers and producers or service providers don't have to be in the same place.
  • Saves on traveling costs and time
  • More choice in products and services
• DISADVANTAGES OF USING INTERNET BANKING

  • More information is needed by an online store to purchase an item
  • You cannot always check the quality
  • Credit card details can be stolen
  • No personalised customer service
• Poverty is when a person doesn't have enough money to meet their basic needs
• Poverty line - The minimum income required to meet a person's basic needs
• Poverty cycle - the cycle of events that keep people poor
• Socio - economic imbalances can be caused by

  • Geographic distribution of resources
  • Standards of education
  • Poverty
  • Access to adequate health care
  • Government laws that control the distribution of these resources
• Challenges faced in rural areas

  • no electricity, piped water or waste dispersal systems
  • Little amount of education
  • little jobs
• Types of Capital

  • fixed capital
  • financial capital
  • share capital
  • working capital
  • start up capital
• The net worth of an individual indicates an individual's wealth at a specific moment in time.
• DISADVANTAGES OF BARTERING

  • It was difficult to find what you wanted or needed
  • There is no common measure of value
  • Certain goods can’t be divided into smaller units
  • No late payments can be allowed
• Security features on a South African banknote

  • Watermark within the paper
  • Security thread running through the paper.
  • High quality paper
  • Print quality
• challenges in urban areas

  High cost of living

  Pollution