94 Questions
What was the primary method of exchange in early communities before the advent of money?
Bartering
What was a significant consequence of urbanization during the industrial revolution?
Massive urban migration
What was a key factor in the development of trade and commerce?
Development of language and writing
What is a primary function of governments in relation to the economy?
Taxation and finance
What is a characteristic of a mixed economy?
Combination of free markets and government control
What led to the establishment of structured communities and leadership hierarchies?
Accumulation of wealth and power
What was a significant consequence of the industrial revolution?
Transformation of economies from agrarian to industrial
What improved efficiency and productivity in the development of markets?
Specialization of labor
What is mechanization in the context of industrial development?
The use of machinery in production processes
What is the primary role of limited liability companies?
To encourage entrepreneurship and investment
What is the main challenge facing developing countries in global trade?
Exporting raw materials and importing finished goods at a higher cost
What is the primary goal of the World Trade Organization (WTO)?
To promote fair global trade practices
What characterized the early agricultural history of South Africa?
Subsistence farming and minimal trade
What drove South Africa's economy during the Agricultural-Mining Phase?
Mining of diamonds and gold
What has been a significant challenge facing South Africa's economy since transitioning to democracy?
Brain drain and crime
What has driven the growth of the service sector in South Africa's modern economy?
Globalization, technological advancements, and infrastructure improvements
What has been the impact of globalization on economic opportunities?
It has expanded economic opportunities
What is the relationship between economic growth, development, and globalization?
They are interrelated concepts
Why did individuals gain control over resources in early societies?
Due to their accumulation of wealth and power
What was a significant impact of the industrial revolution on economies?
They transformed from agrarian to industrial
What is a key feature of mixed economies?
A balance between government control and free markets
What led to the growth of towns and cities?
The industrial revolution and urbanization
What is a primary function of governments in relation to trade?
To fund public services and infrastructure through taxation
What is a key factor in the evolution of markets?
The specialization of labor
What was a key consequence of urbanization during the industrial revolution?
The massive urban migration
What is a key feature of early societies?
Their self-sufficiency and bartering
What is the primary effect of mechanization on labor?
Replaced labor with machinery
What is the role of trade unions in improving working conditions?
Improving working conditions and fair wages
What is a key challenge facing developing countries in global trade?
Exporting raw materials at a low cost
What is the primary goal of the World Trade Organization (WTO)?
Promoting fair global trade practices
What drove South Africa's economy during the Agricultural-Mining Phase?
Discovery of diamonds and gold
What has been a significant challenge facing South Africa's economy since transitioning to democracy?
Crime and insufficient education
What is a characteristic of limited liability companies?
Protection of investors from losing more than their investment
What is the primary role of financial institutions in the economy?
Managing savings and providing loans
What has driven the growth of the service sector in South Africa's modern economy?
Globalization and technological advancements
What is the relationship between economic growth, development, and globalization?
Understanding the historical context and current dynamics of global economies helps in gratifying the complex interactions
What was the primary reason for the accumulation of wealth and power in early societies?
Control over resources by individuals
Which of the following was a key factor in the development of trade and commerce?
Development of language skills and writing
What was the result of the industrial revolution on economies?
Transformation from agrarian to industrial
What is a characteristic of mixed economies?
Combination of public and private ownership
What is the primary function of governments in relation to the economy?
To fund public services and infrastructure
What led to the growth of modern cities and economic hubs?
Industrialization and urbanization
What was the result of specialization of labor?
Improved efficiency and productivity
What was the primary driver of the growth of markets?
Specialization of labor
What is the primary impact of mechanization on labor?
Replacement of labor
What is the primary function of trade unions?
To improve working conditions
What is the primary challenge facing developing countries in global trade?
Economic disparities between developed and developing nations
What is the primary role of financial institutions in the economy?
To provide loans and support transactions
What is the primary characteristic of limited liability companies?
Protection of investors from losing more than their investment
What is the primary driver of urbanization during industrialization?
Rural-urban migration
What is the primary impact of technological advancements on economic growth?
Improved efficiency
What is the primary challenge facing South Africa's economy since transitioning to democracy?
Brain drain and crime
What is the primary driver of the growth of the service sector in South Africa's modern economy?
Globalization
What is the primary relationship between economic growth, development, and globalization?
Globalization leads to economic growth, which promotes development
What was the primary driver of economic growth during the industrialization era?
Innovations in machinery and technological progress
What was a significant consequence of urbanization during industrialization?
Concentration of economic activity and resources in urban areas
What was a crucial aspect of early societies that facilitated the exchange of goods?
Self-sufficiency and bartering
What is the primary role of limited liability companies?
To protect investors from excessive losses
What was a significant impact of industrialization on economies?
Growth of manufacturing and mechanization
What is a key feature of mixed economies?
Balanced elements of free markets and government intervention
What is a key challenge facing developing countries in global trade?
Dependence on raw materials
What has driven the growth of the service sector in South Africa's modern economy?
Technological advancements
What was a primary driver of the growth of markets and trade?
Specialization of labor
What is a primary function of governments in relation to trade?
Taxation and finance
What is the primary goal of the World Trade Organization (WTO)?
To promote fair global trade practices
What was a key consequence of urbanization during the industrial revolution?
Transformation of modern cities and economic hubs
What was a significant factor in the development of South Africa's economy during the Agricultural-Mining Phase?
Discovery of diamonds and gold
What is a key factor in the evolution of markets?
Specialization of labor
What has been a significant challenge facing South Africa's economy since transitioning to democracy?
All of the above
What is the relationship between economic growth, development, and globalization?
Development is a result of economic growth and globalization
What was a characteristic of early agricultural societies?
Self-sufficiency and bartering
What is a primary challenge facing developing countries in global trade?
All of the above
What is the primary role of financial institutions in the economy?
To support transactions, manage savings, and provide loans
What is the primary role of governments in relation to economic development?
Taxation and finance
What was a key factor in the emergence of trade in early societies?
Bartering
What was a significant consequence of the industrial revolution on economies?
Transformation from agrarian to industrial
What is a characteristic of mixed economies?
Balance between free markets and government control
What led to the growth of towns and cities during the industrial revolution?
Increased urban migration
What is a primary function of governments in relation to trade?
Regulation and taxation
What was a key factor in the development of markets?
Specialization of labor
What was a significant impact of urbanization during the industrial revolution?
Shaping of modern cities and economic hubs
What is a characteristic of early societies?
Largely self-sufficient
What was a key factor in the accumulation of wealth and power in early societies?
Control over resources
What was a key consequence of mechanization in the industrial revolution?
Improved productivity
What is the primary consequence of mechanization in industrial development?
Replacement of labor with machinery
What is the primary role of financial institutions in the economy?
Facilitating transactions and managing savings
What is the primary impact of globalization on economic opportunities?
Expanded economic opportunities
What is the primary characteristic of limited liability companies?
Protection of investors from unlimited losses
What is the primary challenge facing developing countries in global trade?
Economic disparities between developed and developing nations
What is the primary role of trade unions in improving working conditions?
Negotiating fair wages and improving working conditions
What is the primary consequence of urbanization during the industrial revolution?
Concentration of economic activity and resources in urban areas
What is the primary driver of South Africa's economy during the Agricultural-Mining Phase?
Agriculture and mining
What is the primary challenge facing South Africa's economy since transitioning to democracy?
Brain drain and crime
What is the primary driver of the growth of the service sector in South Africa's modern economy?
Globalization and technological advancements
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