45 Questions
What is the primary characteristic of a market economy?
Predominantly private ownership of production factors
What is a potential disadvantage of a market economy?
Potential for significant inequalities in income and wealth distribution
What is a characteristic of a centrally planned economy?
State ownership of resources
What is an advantage of a centrally planned economy?
Even distribution of income
What is the primary goal of a mixed economy?
To combine the advantages of both market and centrally planned economies
Which economic system is characterized by both private and public sector involvement?
Mixed economy
Which country's economy is an example of a mixed economy?
South Africa
What is a characteristic of a mixed economy?
Coexistence of private and public sectors
What is a disadvantage of a mixed economy?
Risk of over-regulation and stifling private sector innovation
What is one of the roles of the South African government in a mixed economy?
Providing social services and promoting economic growth
What is a challenge faced by the South African government in providing social services?
Inefficient service delivery
What is an initiative aimed at enhancing economic growth in South Africa?
New Economic Growth Path
What is an advantage of a mixed economy?
Balances freedom of market operations with government oversight
What is South Africa's goal in terms of international competitiveness?
Producing high-quality, competitively priced goods
What is a challenge faced by the South African healthcare system?
System strains
Which economic system is characterized by private ownership of production factors and profit incentives?
Market economy
What is a potential consequence of a lack of individual incentives in a centrally planned economy?
Reduced economic growth
Which of the following is a benefit of combining elements of market capitalism and central planning in a mixed economy?
Mitigating the disadvantages of both systems
What is a characteristic of the South African economy?
A mix of private and public sector involvement
What is a potential disadvantage of a market economy?
Overexploitation of resources
What is an advantage of a centrally planned economy?
Even distribution of income
What drives the allocation of resources and production decisions in a market economy?
The forces of supply and demand
What is the main purpose of government intervention in a mixed economy?
To regulate crucial sectors and protect social welfare
Which of the following is a potential consequence of over-regulation in a mixed economy?
Stifling of private sector innovation and efficiency
What is a key challenge faced by the South African government in delivering social services?
Inefficient service delivery and low education outcomes
What is the primary goal of initiatives like ASGISA and the New Economic Growth Path in South Africa?
To enhance economic growth, competitiveness, and employment
Why does South Africa aim to produce high-quality, competitively priced goods?
To increase its global market position
What is a key role of the South African government in a mixed economy?
Promoting economic growth through efficient economic services
What is a persistent issue in a mixed economy?
Poverty and inequality
What is the South African government's goal in terms of inflation?
To align inflation rates with major trading partners
What is the primary motivation for entrepreneurs in a market economy?
To respond to the forces of supply and demand
Which of the following is a consequence of overexploitation of resources in a market economy?
Income and wealth distribution inequalities
What is the primary goal of central planning in a centrally planned economy?
To allocate resources efficiently
What is a key challenge in a mixed economy like South Africa's?
Balancing market-driven and state-controlled sectors
What is a potential consequence of a lack of competition in a mixed economy?
Reduced product variety
What is a key characteristic of a mixed economic system?
Coexistence of market-driven and state-controlled sectors
What is a potential advantage of combining elements of market capitalism and central planning in a mixed economy?
Improved resource allocation and innovation
What is the primary mechanism by which a mixed economy aims to balance individual freedom with social welfare?
Government intervention in strategic sectors
Which of the following is a key challenge in delivering social services in South Africa?
Inequitable distribution of resources across provinces
What is the primary goal of initiatives like ASGISA and the New Economic Growth Path in South Africa?
To enhance economic competitiveness and employment
What is a potential consequence of over-regulation in a mixed economy?
Stifling of private sector innovation and efficiency
Which of the following is a characteristic of South Africa's mixed economy?
Coexistence of private and public sectors
What is a key role of the South African government in a mixed economy?
Regulation of private enterprise to ensure social welfare
What is a persistent issue in South Africa's mixed economy?
Persistent poverty and inequality
Why does South Africa aim to produce high-quality, competitively priced goods?
To enhance its global market position and competitiveness
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