CH 3.1 : Economic Growth and Development and Globalisation
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Questions and Answers

What was the primary method of exchange in early communities before the advent of money?

  • Slavery
  • specialization of labor
  • Bartering (correct)
  • Taxation

    • What was a significant consequence of urbanization during the industrial revolution?

  • Massive urban migration (correct)
  • Decline of agriculture
  • Growth of self-sufficiency
  • Reduction of industrialization

    • What was a key factor in the development of trade and commerce?

  • Specialization of labor
  • Accumulation of wealth and power
  • Development of language and writing (correct)
  • Industrialization and urbanization

    • What is a primary function of governments in relation to the economy?

    <p>Taxation and finance</p> Signup and view all the answers

    What is a characteristic of a mixed economy?

    <p>Combination of free markets and government control</p> Signup and view all the answers

    What led to the establishment of structured communities and leadership hierarchies?

    <p>Accumulation of wealth and power</p> Signup and view all the answers

    What was a significant consequence of the industrial revolution?

    <p>Transformation of economies from agrarian to industrial</p> Signup and view all the answers

    What improved efficiency and productivity in the development of markets?

    <p>Specialization of labor</p> Signup and view all the answers

    What is mechanization in the context of industrial development?

    <p>The use of machinery in production processes</p> Signup and view all the answers

    What is the primary role of limited liability companies?

    <p>To encourage entrepreneurship and investment</p> Signup and view all the answers

    What is the main challenge facing developing countries in global trade?

    <p>Exporting raw materials and importing finished goods at a higher cost</p> Signup and view all the answers

    What is the primary goal of the World Trade Organization (WTO)?

    <p>To promote fair global trade practices</p> Signup and view all the answers

    What characterized the early agricultural history of South Africa?

    <p>Subsistence farming and minimal trade</p> Signup and view all the answers

    What drove South Africa's economy during the Agricultural-Mining Phase?

    <p>Mining of diamonds and gold</p> Signup and view all the answers

    What has been a significant challenge facing South Africa's economy since transitioning to democracy?

    <p>Brain drain and crime</p> Signup and view all the answers

    What has driven the growth of the service sector in South Africa's modern economy?

    <p>Globalization, technological advancements, and infrastructure improvements</p> Signup and view all the answers

    What has been the impact of globalization on economic opportunities?

    <p>It has expanded economic opportunities</p> Signup and view all the answers

    What is the relationship between economic growth, development, and globalization?

    <p>They are interrelated concepts</p> Signup and view all the answers

    Why did individuals gain control over resources in early societies?

    <p>Due to their accumulation of wealth and power</p> Signup and view all the answers

    What was a significant impact of the industrial revolution on economies?

    <p>They transformed from agrarian to industrial</p> Signup and view all the answers

    What is a key feature of mixed economies?

    <p>A balance between government control and free markets</p> Signup and view all the answers

    What led to the growth of towns and cities?

    <p>The industrial revolution and urbanization</p> Signup and view all the answers

    What is a primary function of governments in relation to trade?

    <p>To fund public services and infrastructure through taxation</p> Signup and view all the answers

    What is a key factor in the evolution of markets?

    <p>The specialization of labor</p> Signup and view all the answers

    What was a key consequence of urbanization during the industrial revolution?

    <p>The massive urban migration</p> Signup and view all the answers

    What is a key feature of early societies?

    <p>Their self-sufficiency and bartering</p> Signup and view all the answers

    What is the primary effect of mechanization on labor?

    <p>Replaced labor with machinery</p> Signup and view all the answers

    What is the role of trade unions in improving working conditions?

    <p>Improving working conditions and fair wages</p> Signup and view all the answers

    What is a key challenge facing developing countries in global trade?

    <p>Exporting raw materials at a low cost</p> Signup and view all the answers

    What is the primary goal of the World Trade Organization (WTO)?

    <p>Promoting fair global trade practices</p> Signup and view all the answers

    What drove South Africa's economy during the Agricultural-Mining Phase?

    <p>Discovery of diamonds and gold</p> Signup and view all the answers

    What has been a significant challenge facing South Africa's economy since transitioning to democracy?

    <p>Crime and insufficient education</p> Signup and view all the answers

    What is a characteristic of limited liability companies?

    <p>Protection of investors from losing more than their investment</p> Signup and view all the answers

    What is the primary role of financial institutions in the economy?

    <p>Managing savings and providing loans</p> Signup and view all the answers

    What has driven the growth of the service sector in South Africa's modern economy?

    <p>Globalization and technological advancements</p> Signup and view all the answers

    What is the relationship between economic growth, development, and globalization?

    <p>Understanding the historical context and current dynamics of global economies helps in gratifying the complex interactions</p> Signup and view all the answers

    What was the primary reason for the accumulation of wealth and power in early societies?

    <p>Control over resources by individuals</p> Signup and view all the answers

    Which of the following was a key factor in the development of trade and commerce?

    <p>Development of language skills and writing</p> Signup and view all the answers

    What was the result of the industrial revolution on economies?

    <p>Transformation from agrarian to industrial</p> Signup and view all the answers

    What is a characteristic of mixed economies?

    <p>Combination of public and private ownership</p> Signup and view all the answers

    What is the primary function of governments in relation to the economy?

    <p>To fund public services and infrastructure</p> Signup and view all the answers

    What led to the growth of modern cities and economic hubs?

    <p>Industrialization and urbanization</p> Signup and view all the answers

    What was the result of specialization of labor?

    <p>Improved efficiency and productivity</p> Signup and view all the answers

    What was the primary driver of the growth of markets?

    <p>Specialization of labor</p> Signup and view all the answers

    What is the primary impact of mechanization on labor?

    <p>Replacement of labor</p> Signup and view all the answers

    What is the primary function of trade unions?

    <p>To improve working conditions</p> Signup and view all the answers

    What is the primary challenge facing developing countries in global trade?

    <p>Economic disparities between developed and developing nations</p> Signup and view all the answers

    What is the primary role of financial institutions in the economy?

    <p>To provide loans and support transactions</p> Signup and view all the answers

    What is the primary characteristic of limited liability companies?

    <p>Protection of investors from losing more than their investment</p> Signup and view all the answers

    What is the primary driver of urbanization during industrialization?

    <p>Rural-urban migration</p> Signup and view all the answers

    What is the primary impact of technological advancements on economic growth?

    <p>Improved efficiency</p> Signup and view all the answers

    What is the primary challenge facing South Africa's economy since transitioning to democracy?

    <p>Brain drain and crime</p> Signup and view all the answers

    What is the primary driver of the growth of the service sector in South Africa's modern economy?

    <p>Globalization</p> Signup and view all the answers

    What is the primary relationship between economic growth, development, and globalization?

    <p>Globalization leads to economic growth, which promotes development</p> Signup and view all the answers

    What was the primary driver of economic growth during the industrialization era?

    <p>Innovations in machinery and technological progress</p> Signup and view all the answers

    What was a significant consequence of urbanization during industrialization?

    <p>Concentration of economic activity and resources in urban areas</p> Signup and view all the answers

    What was a crucial aspect of early societies that facilitated the exchange of goods?

    <p>Self-sufficiency and bartering</p> Signup and view all the answers

    What is the primary role of limited liability companies?

    <p>To protect investors from excessive losses</p> Signup and view all the answers

    What was a significant impact of industrialization on economies?

    <p>Growth of manufacturing and mechanization</p> Signup and view all the answers

    What is a key feature of mixed economies?

    <p>Balanced elements of free markets and government intervention</p> Signup and view all the answers

    What is a key challenge facing developing countries in global trade?

    <p>Dependence on raw materials</p> Signup and view all the answers

    What has driven the growth of the service sector in South Africa's modern economy?

    <p>Technological advancements</p> Signup and view all the answers

    What was a primary driver of the growth of markets and trade?

    <p>Specialization of labor</p> Signup and view all the answers

    What is a primary function of governments in relation to trade?

    <p>Taxation and finance</p> Signup and view all the answers

    What is the primary goal of the World Trade Organization (WTO)?

    <p>To promote fair global trade practices</p> Signup and view all the answers

    What was a key consequence of urbanization during the industrial revolution?

    <p>Transformation of modern cities and economic hubs</p> Signup and view all the answers

    What was a significant factor in the development of South Africa's economy during the Agricultural-Mining Phase?

    <p>Discovery of diamonds and gold</p> Signup and view all the answers

    What is a key factor in the evolution of markets?

    <p>Specialization of labor</p> Signup and view all the answers

    What has been a significant challenge facing South Africa's economy since transitioning to democracy?

    <p>All of the above</p> Signup and view all the answers

    What is the relationship between economic growth, development, and globalization?

    <p>Development is a result of economic growth and globalization</p> Signup and view all the answers

    What was a characteristic of early agricultural societies?

    <p>Self-sufficiency and bartering</p> Signup and view all the answers

    What is a primary challenge facing developing countries in global trade?

    <p>All of the above</p> Signup and view all the answers

    What is the primary role of financial institutions in the economy?

    <p>To support transactions, manage savings, and provide loans</p> Signup and view all the answers

    What is the primary role of governments in relation to economic development?

    <p>Taxation and finance</p> Signup and view all the answers

    What was a key factor in the emergence of trade in early societies?

    <p>Bartering</p> Signup and view all the answers

    What was a significant consequence of the industrial revolution on economies?

    <p>Transformation from agrarian to industrial</p> Signup and view all the answers

    What is a characteristic of mixed economies?

    <p>Balance between free markets and government control</p> Signup and view all the answers

    What led to the growth of towns and cities during the industrial revolution?

    <p>Increased urban migration</p> Signup and view all the answers

    What is a primary function of governments in relation to trade?

    <p>Regulation and taxation</p> Signup and view all the answers

    What was a key factor in the development of markets?

    <p>Specialization of labor</p> Signup and view all the answers

    What was a significant impact of urbanization during the industrial revolution?

    <p>Shaping of modern cities and economic hubs</p> Signup and view all the answers

    What is a characteristic of early societies?

    <p>Largely self-sufficient</p> Signup and view all the answers

    What was a key factor in the accumulation of wealth and power in early societies?

    <p>Control over resources</p> Signup and view all the answers

    What was a key consequence of mechanization in the industrial revolution?

    <p>Improved productivity</p> Signup and view all the answers

    What is the primary consequence of mechanization in industrial development?

    <p>Replacement of labor with machinery</p> Signup and view all the answers

    What is the primary role of financial institutions in the economy?

    <p>Facilitating transactions and managing savings</p> Signup and view all the answers

    What is the primary impact of globalization on economic opportunities?

    <p>Expanded economic opportunities</p> Signup and view all the answers

    What is the primary characteristic of limited liability companies?

    <p>Protection of investors from unlimited losses</p> Signup and view all the answers

    What is the primary challenge facing developing countries in global trade?

    <p>Economic disparities between developed and developing nations</p> Signup and view all the answers

    What is the primary role of trade unions in improving working conditions?

    <p>Negotiating fair wages and improving working conditions</p> Signup and view all the answers

    What is the primary consequence of urbanization during the industrial revolution?

    <p>Concentration of economic activity and resources in urban areas</p> Signup and view all the answers

    What is the primary driver of South Africa's economy during the Agricultural-Mining Phase?

    <p>Agriculture and mining</p> Signup and view all the answers

    What is the primary challenge facing South Africa's economy since transitioning to democracy?

    <p>Brain drain and crime</p> Signup and view all the answers

    What is the primary driver of the growth of the service sector in South Africa's modern economy?

    <p>Globalization and technological advancements</p> Signup and view all the answers

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