Assignment 2: 15 July 2022
Unique number:
QUESTION 1
1.1 The level of skills training of the population and the productivity of labour play an important role
in South Africa’s ability to satisfy the needs of its inhabitants. Distinguish between the different levels
of skills in South Africa. (15)
Skills development is recognised as a critical component of South Africa's transformation and economic
growth. Companies are encouraged to spend money on training their workforce. To achieve the scale
and sustainability required to address the skills shortage, a more collaborative and concerted effort is
required
The plan sets out South Africa’s economic priorities and identifies actions that must collaboratively be
taken by government, private sector and labour to unit for skills planning” as part of the vision of
“building an expanded, effective and integrated post-school system” for the country.
It is expected that the unit will promote social dialogue and engagement around current and future skills
needs, and trends and developments on skills supply and demand. The White states that “the Unit will
work with institutions such as universities and other research institutions to develop an institutional
mechanism for skills planning, which will become a repository of labour market information, develop
skills demand forecasting models, and promote and build labour market research and analyses skills for
the country”.
RATIONALE FOR SKILLS PLANNING
The pursuance of efforts around skills planning mechanism remains crucial towards providing an
understanding of labour market demand signals to strategize the skills supply response approach. The
“establishment of a credible institutional mechanism for skills planning” therefore remains integral to
ensuring attainment of the goal of “a skilled and capable workforce to support an inclusive growth path”
in South Africa
1.2 The level of skills training of the population and the productivity of labour play an important role
in South Africa’s ability to satisfy the needs of its inhabitants. Distinguish between the different levels
of skills in South Africa. (15)
Skills development is recognised as a critical component of South Africa's transformation and economic
growth. Companies are encouraged to spend money on training their workforce. To achieve the scale
and sustainability required to address the skills shortage, a more collaborative and concerted effort is
required
, The plan sets out South Africa’s economic priorities and identifies actions that must collaboratively be
taken by government, private sector and labour to unit for skills planning” as part of the vision of
“building an expanded, effective and integrated post-school system” for the country.
It is expected that the unit will promote social dialogue and engagement around current and future skills
needs, and trends and developments on skills supply and demand. The White states that “the Unit will
work with institutions such as universities and other research institutions to develop an institutional
mechanism for skills planning, which will become a repository of labour market information, develop
skills demand forecasting models, and promote and build labour market research and analyses skills for
the country”.
RATIONALE FOR SKILLS PLANNING
The pursuance of efforts around skills planning mechanism remains crucial towards providing an
understanding of labour market demand signals to strategize the skills supply response approach. The
“establishment of a credible institutional mechanism for skills planning” therefore remains integral to
ensuring attainment of the goal of “a skilled and capable workforce to support an inclusive growth path”
in South Africa
QUESTION 2
2.1 Money is the means whereby human needs are satisfied. It is also known as a means of payment.
Money can be called or viewed by various concepts. What are the various concepts (names)
associated with money?
Money is an economic unit that functions as a generally recognized medium of exchange for
transactional purposes in an economy. Money provides the service of reducing transaction cost, namely
the double coincidence of wants. Money originates in the form of a commodity, having a physical
property to be adopted by market participants as a medium of exchange. Money can be: market-
determined, officially issued legal tender or fiat moneys, money substitutes and fiduciary media, and
electronic cryptocurrencies.
Understanding Money
Money is commonly referred to as currency. Economically, each government has its own money system.
Cryptocurrencies are also being developed for financing and international exchange across the world.
Money is a liquid asset used in the settlement of transactions. It functions based on the general
acceptance of its value within a governmental economy and internationally through foreign exchange.
The current value of monetary currency is not necessarily derived from the materials used to produce
the note or coin. Instead, value is derived from the willingness to agree to a displayed value and rely on it
for use in future transactions. This is money's primary function: a generally recognized medium of
exchange that people and global economies intend to hold, and are willing to accept as payment for
current or future transactions.
Fungible
Unique number:
QUESTION 1
1.1 The level of skills training of the population and the productivity of labour play an important role
in South Africa’s ability to satisfy the needs of its inhabitants. Distinguish between the different levels
of skills in South Africa. (15)
Skills development is recognised as a critical component of South Africa's transformation and economic
growth. Companies are encouraged to spend money on training their workforce. To achieve the scale
and sustainability required to address the skills shortage, a more collaborative and concerted effort is
required
The plan sets out South Africa’s economic priorities and identifies actions that must collaboratively be
taken by government, private sector and labour to unit for skills planning” as part of the vision of
“building an expanded, effective and integrated post-school system” for the country.
It is expected that the unit will promote social dialogue and engagement around current and future skills
needs, and trends and developments on skills supply and demand. The White states that “the Unit will
work with institutions such as universities and other research institutions to develop an institutional
mechanism for skills planning, which will become a repository of labour market information, develop
skills demand forecasting models, and promote and build labour market research and analyses skills for
the country”.
RATIONALE FOR SKILLS PLANNING
The pursuance of efforts around skills planning mechanism remains crucial towards providing an
understanding of labour market demand signals to strategize the skills supply response approach. The
“establishment of a credible institutional mechanism for skills planning” therefore remains integral to
ensuring attainment of the goal of “a skilled and capable workforce to support an inclusive growth path”
in South Africa
1.2 The level of skills training of the population and the productivity of labour play an important role
in South Africa’s ability to satisfy the needs of its inhabitants. Distinguish between the different levels
of skills in South Africa. (15)
Skills development is recognised as a critical component of South Africa's transformation and economic
growth. Companies are encouraged to spend money on training their workforce. To achieve the scale
and sustainability required to address the skills shortage, a more collaborative and concerted effort is
required
, The plan sets out South Africa’s economic priorities and identifies actions that must collaboratively be
taken by government, private sector and labour to unit for skills planning” as part of the vision of
“building an expanded, effective and integrated post-school system” for the country.
It is expected that the unit will promote social dialogue and engagement around current and future skills
needs, and trends and developments on skills supply and demand. The White states that “the Unit will
work with institutions such as universities and other research institutions to develop an institutional
mechanism for skills planning, which will become a repository of labour market information, develop
skills demand forecasting models, and promote and build labour market research and analyses skills for
the country”.
RATIONALE FOR SKILLS PLANNING
The pursuance of efforts around skills planning mechanism remains crucial towards providing an
understanding of labour market demand signals to strategize the skills supply response approach. The
“establishment of a credible institutional mechanism for skills planning” therefore remains integral to
ensuring attainment of the goal of “a skilled and capable workforce to support an inclusive growth path”
in South Africa
QUESTION 2
2.1 Money is the means whereby human needs are satisfied. It is also known as a means of payment.
Money can be called or viewed by various concepts. What are the various concepts (names)
associated with money?
Money is an economic unit that functions as a generally recognized medium of exchange for
transactional purposes in an economy. Money provides the service of reducing transaction cost, namely
the double coincidence of wants. Money originates in the form of a commodity, having a physical
property to be adopted by market participants as a medium of exchange. Money can be: market-
determined, officially issued legal tender or fiat moneys, money substitutes and fiduciary media, and
electronic cryptocurrencies.
Understanding Money
Money is commonly referred to as currency. Economically, each government has its own money system.
Cryptocurrencies are also being developed for financing and international exchange across the world.
Money is a liquid asset used in the settlement of transactions. It functions based on the general
acceptance of its value within a governmental economy and internationally through foreign exchange.
The current value of monetary currency is not necessarily derived from the materials used to produce
the note or coin. Instead, value is derived from the willingness to agree to a displayed value and rely on it
for use in future transactions. This is money's primary function: a generally recognized medium of
exchange that people and global economies intend to hold, and are willing to accept as payment for
current or future transactions.
Fungible
