SOUTH AFRICAN QUALIFICATIONS AUTHORITY
UNIT STANDARD: 33
Demonstrate an understanding of macro-economic principles
SAQA US ID
SGB NAME / SGB for Quantity Surveying
NSB / NSB 12: Physical Planning and Construction
NQF LEVEL: / 4
CREDITS / 15
FIELD / Physical Planning and Construction
SUB-FIELD / Physical Planning, Design and Management
UNIT STANDARD TYPE / Regular
ISSUE DATE
REVIEW DATE
PURPOSE OF THE UNIT STANDARD
The qualifying learner is capable of:
Demonstrating an understanding of basic macro-economic principles
Successful completion of this unit standard will contribute towards the full development of a professional community of Quantity Surveyors. The skills, knowledge and understanding to be demonstrated by qualifying learners are essential for economic transformation and social upliftment within environments related to construction and property development
LEARNING ASSUMED TO BE IN PLACE
NQF Level 3 or equivalent
SPECIFIC OUTCOMES AND ASSESSMENT CRITERIA
Specific outcome 1
Understand the concept of national income accounting / Assessment criteria 1
1.1Conceptualising the national economy as a whole is explained
1.2An understanding of the measurement of macro economic variables is demonstrated
1.3The concept of national income and aggregate demand is explained
1.4The roles of aggregate demand and aggregate supply in changes in the national income are understood
1.5The concept of business cycles reflecting the ebb and flow of economic activity is explained
1.6An understanding of the role of fiscal policy as an intervention tool is demonstrated

Specific outcome 2

Understand the principles of money, banking and monetary policy / Assessment criteria 2
2.1The nature of money is explained
2.2The banking system and the supply of money is understood
2.3The demand for money is understood
2.4The principles underlying the determination of price level are explained
2.5The principles of monetary policy are understood

Specific outcome 3

Understand key macro economic controversies facing policy makers / Assessment criteria 3
3.1The concepts inflation are explained
3.2Economic issues relating to employment and unemployment are understood
3.3The basic theory of economic growth is explained

Specific outcome 4

Understand the basic principles of international trade and finance
/ Assessment criteria 4
4.1The gains from trade are explained
4.2 Barriers to free trade are understood
4.3 Exchange rates and the balance of payments are understood

ACCREDITATION PROCESS, INCLUDING MODERATION OPTIONS

Both normative and summative assessment methods incorporating evaluation techniques to adequately and appropriately achieve the objectives of this Unit Standard, are applied
Summative assessments include integrated assessment to evaluate the learner’s ability to combine various knowledge and skills competencies in such a way that
  • respective specific outcomes are adequately met
  • learning achievements relative to the specific outcomes of this Unit Standard are competently demonstrated
  • embedded / underlying knowledge is applied insofar as it relates to specific outcomes
  • domain knowledge is displayed

Moderation options include transparent, affordable
  • peer review (academic – interdisciplinary – work-place practitioners )
  • assessment of competence by external organisations and in particular the South African Council for the Quantity Surveying Profession, established in terms of the Quantity Surveying Profession Act No 49 of 2000
  • compliance with the framework and regulations established by the Higher Education Quality Committee of the CHE, which includes the appointment of accredited / registered external examiners / assessors who are external to the provider
  • assessment of competence by professional institutions / inter-disciplinary fraternal associations

RANGE STATEMENTS
The scope of this Unit Standard is related to the performance of work typically undertaken by quantity surveyors and which newly-qualified persons are expected to demonstrate in their places of employment, including the ability to
a)understand national income accounting and the model of the circular flow of income
b)explain money, banking and monetary policydemand and supply analysis
c)understand the concepts of inflation, employment and unemployment, and economic growth
d)understand the basic principles of international trade and finance
ESSENTIAL EMBEDDED KNOWLEDGE
Refer to Specific Outcomes and related Assessment Criteria

The specific outcomes of this Unit Standard relate to fields of economic activity other than quantity surveying, thereby providing career-path options leading to a variety of employment opportunities, for example in

  • banking
  • capital allowances and tax advice
  • construction management
  • contract surveying
  • education and training
  • environmental management
  • equipping / refurbishment / management e g commercial / retail enterprises and hospitality / tourism industry
  • facilities management
  • housing
  • information technology
  • mining
  • project management
  • property brokerage
  • property development
  • property valuation
  • real estate management
  • shipbuilding and maintenance
  • specification writing
  • urban and regional planning

NOTES / SUPPLEMENTARY INFORMATION
Refer to foregoing range statements. Qualifying learners are expected to demonstrate their skills (in terms of Assessment Criteria) within time limits which are acceptable to Assessors / Moderators, relative to the scope of task / assignment production and overall quality of performance

1

Unit Stdd: 32

Demonstrate an understanding of macro-economic principles as they relate to the Built Environment