Nov P1 Med
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Questions and Answers

What was a characteristic of early societies?

  • Self-sufficiency and bartering (correct)
  • Urbanization and migration
  • Specialization of labor
  • Accumulation of wealth and power only among women

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

  • The growth of towns
  • The industrial revolution
  • The emergence of mixed economies
  • The development of language and writing (correct)

    • What was a result of industrialization and urbanization?

  • The reduction of specialization of labor
  • Massive rural migration
  • The growth of modern cities and economic hubs (correct)
  • The decline of agriculture

    • What improved efficiency and productivity in the market development process?

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

    What is a function of governments in relation to trade?

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

    What is a characteristic of mixed economies?

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

    What facilitated the exchange of goods in early societies?

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

    What was a result of the growth of towns?

    <p>The emergence of mercantile law</p> Signup and view all the answers

    What has been the primary driver of population growth in South Africa?

    <p>High birth rates and immigration</p> Signup and view all the answers

    What is the current stage of South Africa's demographic transition?

    <p>Transitioning from high to low birth and death rates</p> Signup and view all the answers

    What has been the impact of HIV/AIDS on South Africa's population growth?

    <p>It has slowed population growth</p> Signup and view all the answers

    What is a significant challenge in the South African labour force?

    <p>High unemployment rates among the youth</p> Signup and view all the answers

    What has been the trend in South Africa's labour force in terms of sector shifts?

    <p>From primary sectors like agriculture and mining to services</p> Signup and view all the answers

    What is a key challenge in the geographic distribution of employment in South Africa?

    <p>Provincial disparities in employment opportunities</p> Signup and view all the answers

    What is a critical need for policies in South Africa?

    <p>Enhancing education and skills training</p> Signup and view all the answers

    What is essential for accommodating growing populations and reducing urban sprawl?

    <p>Effective urban planning and improved infrastructure</p> Signup and view all the answers

    What is vital for improving life expectancy and workforce productivity?

    <p>Continued focus on health services</p> Signup and view all the answers

    What can help stimulate economic growth and job creation in South Africa?

    <p>Enhancing support for entrepreneurs</p> Signup and view all the answers

    What is the primary challenge in economics?

    <p>Limited resources</p> Signup and view all the answers

    Which of the following is NOT a branch of economics?

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

    What is the main focus of Microeconomics?

    <p>The decisions of individuals and firms</p> Signup and view all the answers

    What is the purpose of economic models?

    <p>To describe and predict economic phenomena</p> Signup and view all the answers

    What is the main difference between Positive and Normative Economics?

    <p>Positive Economics focuses on objective analysis, while Normative Economics involves value judgments</p> Signup and view all the answers

    What is the fundamental economic problem?

    <p>How to distribute limited resources efficiently</p> Signup and view all the answers

    What is the primary economic question that addresses who will receive the products and services created?

    <p>For whom to produce?</p> Signup and view all the answers

    Which of the following is a branch of economics that studies the economic activities of government?

    <p>Public Sector Economics</p> Signup and view all the answers

    What is the role of deductive reasoning in economics?

    <p>To test hypotheses against empirical data</p> Signup and view all the answers

    What is the focus of Developmental Economics?

    <p>Promoting economic development in less developed countries</p> Signup and view all the answers

    What was the primary driver of economic growth during the Agricultural-Mining Phase in South Africa?

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

    What was a major constraint on economic growth during the early agricultural history period?

    <p>Limited markets and reliance on manual labor</p> Signup and view all the answers

    What has been the primary driver of economic growth in South Africa's modern economy?

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

    What is a major challenge faced by developing countries in global trade?

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

    What role do financial institutions play in economic growth?

    <p>Facilitating economic growth by managing savings, providing loans, and supporting transactions</p> Signup and view all the answers

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

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

    What is a characteristic of limited liability companies?

    <p>Investors are protected from losing more than their investment</p> Signup and view all the answers

    What has been a consequence of urbanization in South Africa?

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

    What was a major challenge faced by South Africa during the industrial development phase?

    <p>Inadequate capital and skilled labor shortages</p> Signup and view all the answers

    What is a benefit of mechanization in production processes?

    <p>Increased output but reduced employment</p> Signup and view all the answers

    What is the primary challenge faced by economic research compared to physical sciences?

    <p>Difficulty in controlling variables</p> Signup and view all the answers

    What is the fundamental concept in economics that reflects the trade-offs when making choices?

    <p>Opportunity cost</p> Signup and view all the answers

    Which of the following is an example of absolute scarcity?

    <p>A potato harvest failing</p> Signup and view all the answers

    What is the primary function of entrepreneurship in the production process?

    <p>Combining the other three factors to create goods and services</p> Signup and view all the answers

    What is the primary characteristic of economic goods?

    <p>They require scarce resources to produce</p> Signup and view all the answers

    Which sector of the economy involves extraction of natural resources?

    <p>Primary sector</p> Signup and view all the answers

    What is the term for the foregone benefit of the next best alternative when a choice is made?

    <p>Opportunity cost</p> Signup and view all the answers

    What is the primary difference between absolute and relative scarcity?

    <p>The economic constraint</p> Signup and view all the answers

    What is the term for the process of combining the four factors of production to create goods and services?

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

    What is the primary characteristic of the tertiary sector?

    <p>It provides services rather than goods</p> Signup and view all the answers

    Who purchases capital goods to produce other goods and services?

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

    What is the portion of income available for spending or saving after taxes?

    <p>Disposable Income</p> Signup and view all the answers

    What is a key component of sustainable development?

    <p>Fair labour practices</p> Signup and view all the answers

    What is the primary focus of GDP?

    <p>Production within the country</p> Signup and view all the answers

    What is the primary function of financial institutions in the circular flow model?

    <p>Facilitation of savings and provision of loans</p> Signup and view all the answers

    Which indicator signals future economic changes before they occur?

    <p>Leading Indicators</p> Signup and view all the answers

    What is the name of the model that illustrates the continuous movement of money and goods among various economic agents and markets?

    <p>Circular Flow Model</p> Signup and view all the answers

    What is the term for the gradual improvement in economic conditions after a recession?

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

    What is the name of the approach that calculates GDP by summing up all outputs produced?

    <p>Product Approach</p> Signup and view all the answers

    What does GDP not account for?

    <p>The distribution of income among the population</p> Signup and view all the answers

    What is an example of an endogenous reason for business cycles?

    <p>Fluctuations in investment</p> Signup and view all the answers

    What is the total demand for goods and services in the economy?

    <p>Aggregate Demand</p> Signup and view all the answers

    What is the term for the movement of goods and services in the economy?

    <p>Real Flow</p> Signup and view all the answers

    What is a characteristic of counter-cyclical indicators?

    <p>Move in the opposite direction of the economy</p> Signup and view all the answers

    What is the purpose of regulatory measures in promoting sustainable development?

    <p>To curb environmentally harmful activities</p> Signup and view all the answers

    What is the term for the total income earned by a country's nationals, including production inside and outside the country?

    <p>Gross National Income (GNI)</p> Signup and view all the answers

    What is a limitation of GDP and GNI?

    <p>They do not account for income distribution</p> Signup and view all the answers

    What is the phase of the business cycle characterized by high economic activity and increasing employment?

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

    What is the term for data collected over successive time intervals to track economic changes?

    <p>Time Series</p> Signup and view all the answers

    What is a consequence of business cycles for economically vulnerable populations?

    <p>Disproportionate negative impact on their standard of living</p> Signup and view all the answers

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

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

    What was a significant consequence of industrialization and urbanization?

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

    What is a key feature of mixed economies?

    <p>Combination of free markets and government control</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 was a key factor in the development of markets?

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

    What was a result of the growth of towns?

    <p>Necessity of regulations and laws</p> Signup and view all the answers

    What was a significant outcome of the industrial revolution?

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

    What facilitated the exchange of goods in early societies?

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

    What is the primary focus of Macroeconomics?

    <p>The overall functioning of an economy</p> Signup and view all the answers

    What is the fundamental economic problem?

    <p>The scarcity of resources in the face of unlimited wants</p> Signup and view all the answers

    Which of the following is an example of a positive economic statement?

    <p>The economy is experiencing a recession</p> Signup and view all the answers

    What is the purpose of economic models?

    <p>To simplify complex economic activities and make predictions</p> Signup and view all the answers

    What is the primary economic question that addresses how to distribute resources?

    <p>How to allocate resources?</p> Signup and view all the answers

    What is the role of inductive reasoning in economics?

    <p>To observe data and develop new theories</p> Signup and view all the answers

    Which of the following is a branch of economics that studies the economic activities of government?

    <p>Public Sector Economics</p> Signup and view all the answers

    What is the primary focus of Environmental Economics?

    <p>The impact of environmental issues on the economy</p> Signup and view all the answers

    What is the primary goal of economic research?

    <p>To understand and predict economic phenomena</p> Signup and view all the answers

    What is the fundamental concept in economics that reflects the trade-offs when making choices?

    <p>Opportunity cost</p> Signup and view all the answers

    What is the primary reason for South Africa's shift from an agrarian base to an industrial and service-oriented economy?

    <p>Urbanization and demographic changes</p> Signup and view all the answers

    What is the major factor influencing population growth in rural areas of South Africa?

    <p>Socio-economic conditions</p> Signup and view all the answers

    What is the impact of HIV/AIDS on life expectancy in South Africa?

    <p>Severely impacted life expectancy</p> Signup and view all the answers

    What is the primary challenge faced by the South African labour force?

    <p>Youth unemployment</p> Signup and view all the answers

    What is the trend in South Africa's labour force in terms of sector shifts?

    <p>From primary sectors to services and finance</p> Signup and view all the answers

    What is a critical need for policies in South Africa?

    <p>Enhancing education and skills training</p> Signup and view all the answers

    What is essential for accommodating growing populations and reducing urban sprawl?

    <p>Effective urban planning and improved infrastructure</p> Signup and view all the answers

    What is vital for improving life expectancy and workforce productivity?

    <p>Improving healthcare services</p> Signup and view all the answers

    What can help stimulate economic growth and job creation in South Africa?

    <p>Enhancing support for entrepreneurs</p> Signup and view all the answers

    What is a characteristic of the demographic cycle in South Africa?

    <p>Transitioning through various stages</p> Signup and view all the answers

    What is the primary role of trade unions in the economy?

    <p>To improve working conditions and negotiate fair wages for workers</p> Signup and view all the answers

    What is the primary consequence of urbanization in South Africa?

    <p>Concentration of economic activity and resources in urban areas, leading to challenges such as housing and infrastructure demands</p> Signup and view all the answers

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

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

    What is a characteristic of limited liability companies?

    <p>They protect investors from losing more than their investment</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 and balance the interests of rich and poor nations</p> Signup and view all the answers

    What has been a consequence of globalization in developing countries?

    <p>They often export raw materials used in high-value finished goods, which they end up importing at a higher cost, perpetuating economic imbalances</p> Signup and view all the answers

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

    <p>The growth of the service sector, driven by globalization and technological advancements</p> Signup and view all the answers

    What has been a major challenge faced by South Africa during the industrial development phase?

    <p>Inadequate capital and skilled labor shortages</p> Signup and view all the answers

    What is a benefit of mechanization in production processes?

    <p>It has replaced labor, affecting employment patterns and increasing output</p> Signup and view all the answers

    What has been the primary driver of urbanization in South Africa?

    <p>The growth of the mining industry and the discovery of diamonds and gold</p> Signup and view all the answers

    Which economic sector is responsible for extracting natural resources?

    <p>Primary sector</p> Signup and view all the answers

    What is the main goal of sustainable development?

    <p>Minimize environmental harm</p> Signup and view all the answers

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

    <p>Facilitate savings and provide loans</p> Signup and view all the answers

    What is the circular flow model used to illustrate?

    <p>The movement of money and goods among economic agents</p> Signup and view all the answers

    What is the main difference between GDP and GNI?

    <p>GDP measures income earned by nationals, while GNI measures income earned by foreigners</p> Signup and view all the answers

    What is a key component of sustainable economic development?

    <p>Recycling and fair labor practices</p> Signup and view all the answers

    What is the primary role of government in the economy?

    <p>To provide public goods and services</p> Signup and view all the answers

    What is the main challenge to achieving sustainable development?

    <p>Pollution and environmental degradation</p> Signup and view all the answers

    What is the primary difference between the real flow and monetary flow in the circular flow model?

    <p>The real flow involves the movement of goods and services, while the monetary flow involves the movement of money</p> Signup and view all the answers

    What is the primary purpose of regulatory measures in sustainable development?

    <p>To curb environmentally harmful activities</p> Signup and view all the answers

    What is the primary challenge faced by economic research compared to physical sciences?

    <p>Dealing with human behaviors that are diverse and difficult to predict</p> Signup and view all the answers

    What is the fundamental concept in economics that reflects the trade-offs when making choices?

    <p>Opportunity cost</p> Signup and view all the answers

    Which of the following is an example of absolute scarcity?

    <p>A country lacking the resources to produce goods</p> Signup and view all the answers

    What is the primary function of entrepreneurship in the production process?

    <p>To combine the four factors of production to create goods and services</p> Signup and view all the answers

    What is the primary characteristic of economic goods?

    <p>They require scarce resources to produce</p> Signup and view all the answers

    Which sector of the economy involves extraction of natural resources?

    <p>Primary sector</p> Signup and view all the answers

    What is the term for the foregone benefit of the next best alternative when a choice is made?

    <p>Opportunity cost</p> Signup and view all the answers

    What is the primary difference between absolute and relative scarcity?

    <p>Absolute scarcity occurs when resources are insufficient, while relative scarcity occurs when resources are accessible but unaffordable</p> Signup and view all the answers

    What is the term for the process of combining the four factors of production to create goods and services?

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

    What is the primary characteristic of the tertiary sector?

    <p>It provides services rather than goods</p> Signup and view all the answers

    What is the primary focus of GDP?

    <p>Focusing on production within the country</p> Signup and view all the answers

    What is the main limitation of per capita income calculation?

    <p>It does not account for income distribution</p> Signup and view all the answers

    What is the characteristic of leading indicators in business cycles?

    <p>They signal future economic changes before they occur</p> Signup and view all the answers

    What is the term for the phase of the business cycle characterized by high economic activity and increasing employment?

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

    What is an example of an exogenous reason for business cycles?

    <p>Natural disasters</p> Signup and view all the answers

    What is the effect of business cycles on economically vulnerable populations?

    <p>They have a disproportionate impact on their standard of living, employment opportunities, and ability to afford necessities</p> Signup and view all the answers

    What is the term for the total demand for goods and services in the economy?

    <p>Aggregate Demand</p> Signup and view all the answers

    What is the primary effect of business cycles on economic growth?

    <p>It leads to fluctuations in economic growth, with expansion phases leading to growth and contraction phases leading to declines</p> Signup and view all the answers

    What is the primary characteristic of procyclical indicators?

    <p>They move in tandem with the economy</p> Signup and view all the answers

    What is the primary difference between GDP and GNI?

    <p>GDP focuses on production within the country, while GNI accounts for all income by nationals, regardless of where it is earned</p> Signup and view all the answers

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

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

    What transformed economies from agrarian to industrial?

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

    What is necessary for managing commerce and interactions effectively in growing towns?

    <p>Regulations and laws</p> Signup and view all the answers

    What is a function of governments in relation to economic activities?

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

    What is a characteristic of mixed economies?

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

    What facilitated the exchange of goods before the advent of money?

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

    What was a result of the growth of towns?

    <p>Necessitation of regulations and laws</p> Signup and view all the answers

    What improved efficiency and productivity in the market development process?

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

    What has been the primary influence on South Africa's population growth?

    <p>High birth rates and immigration</p> Signup and view all the answers

    What is the main challenge faced by the South African labour force?

    <p>Youth unemployment</p> Signup and view all the answers

    What has been the trend in South Africa's labour force in terms of sector shifts?

    <p>From primary to tertiary sectors</p> Signup and view all the answers

    What is the primary consequence of urbanization in South Africa?

    <p>Urban overcrowding and service delivery challenges</p> Signup and view all the answers

    What is a critical need for policies in South Africa?

    <p>Enhancing education and skills training</p> Signup and view all the answers

    What is the primary consequence of mechanization in production processes?

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

    What is essential for accommodating growing populations and reducing urban sprawl?

    <p>Effective urban planning and infrastructure</p> Signup and view all the answers

    What has been the impact of HIV/AIDS on South Africa's population growth?

    <p>Slowed natural growth rate</p> Signup and view all the answers

    What is the primary role of limited liability companies?

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

    What is a significant challenge in the geographic distribution of employment in South Africa?

    <p>Provincial disparities in employment opportunities</p> Signup and view all the answers

    What is the primary challenge faced by developing countries in global trade?

    <p>Trade barriers and dumping</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 is vital for improving life expectancy and workforce productivity in South Africa?

    <p>Improved healthcare services, particularly in addressing HIV/AIDS</p> Signup and view all the answers

    What can help stimulate economic growth and job creation in South Africa?

    <p>Support for entrepreneurship through easier access to finance, training, and markets</p> Signup and view all the answers

    What is the primary consequence of urbanization in South Africa?

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

    What is the primary role of financial institutions in economic growth?

    <p>To facilitate economic growth by managing savings and providing loans</p> Signup and view all the answers

    What is the primary characteristic of multinational corporations?

    <p>They operate in multiple countries</p> Signup and view all the answers

    What is the primary benefit of technological advances in economic growth?

    <p>Improved efficiency and creation of new industries</p> Signup and view all the answers

    What is the primary consequence of globalization on developing countries?

    <p>Economic disparities and imbalances</p> Signup and view all the answers

    What is the primary challenge faced by South Africa during the industrial development phase?

    <p>Inadequate capital and skilled labor shortages</p> Signup and view all the answers

    What is the main reason why individuals, governments, and societies must make decisions about resource allocation?

    <p>Because resources are finite</p> Signup and view all the answers

    Which of the following is NOT a primary economic question?

    <p>How to distribute income?</p> Signup and view all the answers

    Which branch of economics studies the overall functioning of an economy?

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

    What is the primary purpose of economic models?

    <p>To predict the outcomes of economic actions</p> Signup and view all the answers

    What is the main difference between deductive and inductive reasoning in economics?

    <p>Deductive reasoning is used to test hypotheses, while inductive reasoning is used to develop them</p> Signup and view all the answers

    What is the primary focus of Labour Economics?

    <p>The supply and demand for labour</p> Signup and view all the answers

    Which of the following is an example of a normative economic statement?

    <p>The government should increase taxes to reduce inequality</p> Signup and view all the answers

    What is the primary goal of economic policies in South Africa?

    <p>To promote sustainable economic growth and development</p> Signup and view all the answers

    What is the primary challenge faced by economic research compared to physical sciences?

    <p>The complexity of human behavior</p> Signup and view all the answers

    What is the fundamental concept in economics that reflects the trade-offs when making choices?

    <p>Opportunity cost</p> Signup and view all the answers

    What does GDP primarily focus on?

    <p>Production within the country</p> Signup and view all the answers

    What type of economic indicator signals future economic changes before they occur?

    <p>Leading Indicators</p> Signup and view all the answers

    What is the term for the total demand for goods and services in the economy?

    <p>Aggregate Demand (AD)</p> Signup and view all the answers

    Which phase of the business cycle is characterized by high economic activity, increasing employment, wages, and standards of living?

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

    What is the term for the total supply of goods and services available in the economy?

    <p>Aggregate Supply (AS)</p> Signup and view all the answers

    Which of the following is an endogenous reason for business cycles?

    <p>Fluctuations in investment</p> Signup and view all the answers

    What is the primary impact of business cycles on economically vulnerable populations?

    <p>Disproportionate negative effects</p> Signup and view all the answers

    What is the term for the data collected over successive time intervals to track economic changes?

    <p>Time Series</p> Signup and view all the answers

    What is the term for the indicators that move in the opposite direction of the economy?

    <p>Counter Cyclic Indicators</p> Signup and view all the answers

    What is a limitation of GDP and GNI?

    <p>They ignore non-monetary transactions and informal economic activities</p> Signup and view all the answers

    What is the primary goal of economic research in economics?

    <p>To draw conclusions based on evidence</p> Signup and view all the answers

    What is the fundamental economic problem that individuals and societies face?

    <p>Limited availability of resources</p> Signup and view all the answers

    What is the term for goods that are naturally available without cost?

    <p>Free goods</p> Signup and view all the answers

    What is the primary role of entrepreneurship in the production process?

    <p>To combine the four factors of production</p> Signup and view all the answers

    What is the sector of the economy that provides services rather than goods?

    <p>Tertiary sector</p> Signup and view all the answers

    What is the primary characteristic of economic goods?

    <p>They require scarce resources to produce</p> Signup and view all the answers

    What is the term for the process of making choices due to the limited availability of resources?

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

    What is the primary difference between absolute and relative scarcity?

    <p>Absolute scarcity occurs when resources are insufficient, while relative scarcity occurs when resources are inaccessible due to economic constraints</p> Signup and view all the answers

    What is the primary role of the public sector in the economy?

    <p>To regulate the economy</p> Signup and view all the answers

    What is the primary challenge faced by economic research compared to physical sciences?

    <p>Dealing with human behavior</p> Signup and view all the answers

    What is the primary goal of sustainable development?

    <p>To conduct economic growth without depleting natural resources or harming human and environmental health</p> Signup and view all the answers

    What is the term for the total market value of all final goods and services produced within a country's borders?

    <p>Gross Domestic Product (GDP)</p> Signup and view all the answers

    What is the role of financial institutions in the economy?

    <p>To facilitate savings and provide loans</p> Signup and view all the answers

    What is the primary challenge to achieving sustainable development?

    <p>Pollution, greenhouse effects, and exploitation of labour</p> Signup and view all the answers

    What is the term for the movement of goods and services in the economy?

    <p>Real Flow</p> Signup and view all the answers

    What is the primary function of government in the economy?

    <p>To provide public goods and services</p> Signup and view all the answers

    What is the term for the total income earned by a country's nationals, including production inside and outside the country?

    <p>Gross National Income (GNI)</p> Signup and view all the answers

    What is the primary characteristic of the circular flow model?

    <p>It illustrates the continuous movement of money and goods among various economic agents and markets</p> Signup and view all the answers

    What is the primary goal of supportive measures in sustainable development?

    <p>To provide incentives for environmentally friendly practices</p> Signup and view all the answers

    What is the primary characteristic of the goods market?

    <p>It is a market where goods and services are exchanged</p> Signup and view all the answers

    What was a primary factor in the development of structured communities and leadership hierarchies in early societies?

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

    What was a significant consequence of the industrial revolution?

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

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

    <p>To regulate commerce and interactions</p> Signup and view all the answers

    What is a characteristic of mixed economies?

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

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

    <p>The development of language and writing</p> Signup and view all the answers

    What is a result of specialization of labor?

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

    What is a primary consequence of urbanization and migration?

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

    What is a primary function of government taxation?

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

    What was the primary driver of economic growth during the Industrial Development phase in South Africa?

    <p>Government incentives and an influx of entrepreneurial immigrants</p> Signup and view all the answers

    What is the primary role of financial institutions in economic growth?

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

    What is a characteristic of limited liability companies?

    <p>They protect investors from losing more than their investment</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 is a consequence of urbanization in South Africa?

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

    What is a major challenge faced by developing countries in global trade?

    <p>Exporting raw materials used in high-value finished goods</p> Signup and view all the answers

    What is the primary benefit of mechanization in production processes?

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

    What is the primary challenge faced by South Africa during the industrial development phase?

    <p>Inadequate capital and skilled labor shortages</p> Signup and view all the answers

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

    <p>The growth of the service sector</p> Signup and view all the answers

    What is a characteristic of the current stage of South Africa's economy?

    <p>Characterized by the growth of the service sector</p> Signup and view all the answers

    What has been the primary driver of population growth in South Africa since 1970?

    <p>High birth rates and immigration</p> Signup and view all the answers

    Who invests in public goods and services that benefit society as a whole?

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

    What is the current stage of South Africa's demographic transition?

    <p>Transitioning from high birth and death rates to lower rates</p> Signup and view all the answers

    What determines how much of one currency can be exchanged for another?

    <p>Exchange Rates</p> Signup and view all the answers

    What has been the impact of HIV/AIDS on South Africa's population growth?

    <p>Decreased population growth rate</p> Signup and view all the answers

    What is a key component of sustainable development?

    <p>Fair labor practices</p> Signup and view all the answers

    What is a significant challenge in the South African labour force?

    <p>High unemployment rates among the youth</p> Signup and view all the answers

    What is the main focus of the circular flow model?

    <p>The dynamics of the economy</p> Signup and view all the answers

    What has been the trend in South Africa's labour force in terms of sector shifts?

    <p>From primary sectors to services and finance</p> Signup and view all the answers

    What is the total market value of all final goods and services produced within a country's borders in each period?

    <p>Gross Domestic Product (GDP)</p> Signup and view all the answers

    What is a key challenge in the geographic distribution of employment in South Africa?

    <p>Provincial disparities in employment opportunities</p> Signup and view all the answers

    What is a critical need for policies in South Africa?

    <p>Enhancing education and skills training</p> Signup and view all the answers

    What is the primary challenge to achieving sustainable development?

    <p>Pollution and environmental harm</p> Signup and view all the answers

    What is essential for accommodating growing populations and reducing urban sprawl?

    <p>Effective urban planning and infrastructure</p> Signup and view all the answers

    What is the movement of goods and services in the circular flow model?

    <p>Real Flow</p> Signup and view all the answers

    What is vital for improving life expectancy and workforce productivity?

    <p>Continued focus on health services</p> Signup and view all the answers

    What is the purpose of regulatory measures in achieving sustainable development?

    <p>To curb environmentally harmful activities</p> Signup and view all the answers

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

    <p>To facilitate savings and provide loans</p> Signup and view all the answers

    What can help stimulate economic growth and job creation in South Africa?

    <p>Enhancing support for entrepreneurs</p> Signup and view all the answers

    What is the primary goal of sustainable development?

    <p>To conduct economic growth without depleting natural resources or harming human and environmental health</p> Signup and view all the answers

    What is the primary goal of economic research in economics?

    <p>To draw conclusions based on evidence</p> Signup and view all the answers

    What is the main difference between absolute and relative scarcity?

    <p>Absolute scarcity occurs when resources are insufficient, while relative scarcity occurs when resources are sufficient but inaccessible</p> Signup and view all the answers

    Which of the following is an example of a free good?

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

    What is the primary function of entrepreneurship in the production process?

    <p>To combine the four factors of production</p> Signup and view all the answers

    What is the term for the process of allocating resources to satisfy unlimited wants and needs?

    <p>Economic problem</p> Signup and view all the answers

    Which sector of the economy involves manufacturing and processing activities?

    <p>Secondary Sector</p> Signup and view all the answers

    What is the primary characteristic of economic goods?

    <p>They require scarce resources to produce</p> Signup and view all the answers

    What is the term for the foregone benefit of the next best alternative when a choice is made?

    <p>Opportunity cost</p> Signup and view all the answers

    What is the primary difference between the public and private sectors?

    <p>The public sector is owned by the government, while the private sector is owned by individuals</p> Signup and view all the answers

    What is the primary challenge faced by economic research compared to physical sciences?

    <p>Dealing with human behavior</p> Signup and view all the answers

    What is the primary goal of economics?

    <p>To allocate scarce resources efficiently</p> Signup and view all the answers

    What is the main focus of Macroeconomics?

    <p>The overall functioning of an economy</p> Signup and view all the answers

    What is the purpose of economic models?

    <p>To simplify complex economic phenomena</p> Signup and view all the answers

    What is the key difference between Microeconomics and Macroeconomics?

    <p>Microeconomics examines individual decisions, while Macroeconomics examines the economy as a whole</p> Signup and view all the answers

    What is the primary economic question that addresses how to allocate resources?

    <p>What to produce?</p> Signup and view all the answers

    What is the branch of economics that studies the role of money in the economy?

    <p>Monetary Economics</p> Signup and view all the answers

    What is the main characteristic of positive economics?

    <p>It describes and predicts economic phenomena without judgment</p> Signup and view all the answers

    What is the fundamental concept in economics that reflects the trade-offs when making choices?

    <p>Opportunity cost</p> Signup and view all the answers

    What is the primary method of economic analysis?

    <p>Both deductive and inductive reasoning</p> Signup and view all the answers

    What is the primary challenge in addressing the economic problem of scarcity?

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

    What is the primary focus of GDP?

    <p>Production within the country</p> Signup and view all the answers

    What is the limitation of per capita income calculation?

    <p>It does not account for income distribution</p> Signup and view all the answers

    What is the characteristic of leading indicators in a business cycle?

    <p>They signal future economic changes before they occur</p> Signup and view all the answers

    What is the phase of a business cycle characterized by high economic activity and increasing employment?

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

    What is an example of an exogenous reason that influences the economy?

    <p>Natural disasters</p> Signup and view all the answers

    What is the impact of business cycles on economically vulnerable populations?

    <p>They have a disproportionate impact</p> Signup and view all the answers

    What is the limitation of both GDP and GNI?

    <p>They ignore non-monetary transactions and informal economic activities</p> Signup and view all the answers

    What is the term for the total demand for goods and services in the economy?

    <p>Aggregate Demand</p> Signup and view all the answers

    What is the impact of business cycles on economic growth?

    <p>It has variable impact</p> Signup and view all the answers

    What is the classification of procyclical indicators?

    <p>They move in the same direction as the economy</p> Signup and view all the answers

    What was the primary driver of economic growth during the industrial development phase in South Africa?

    <p>Manufacturing development</p> Signup and view all the answers

    What was the primary role of language skills and learning in early societies?

    <p>Recording transactions and transmitting knowledge</p> Signup and view all the answers

    What was a key consequence of industrialization and urbanization?

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

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

    <p>Regulating commerce and interactions</p> Signup and view all the answers

    What was a characteristic of early societies?

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

    What is the primary driver of economic growth in mixed economies?

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

    What is the primary role of specialization of labor in market development?

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

    What is the primary characteristic of the growth of towns in market development?

    <p>Necessitating regulations and laws to manage commerce</p> Signup and view all the answers

    What is a major consequence of industrialization and urbanization?

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

    What is the main function of trade unions?

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

    What is a key characteristic of limited liability companies?

    <p>Investors are protected from losing more than their investment</p> Signup and view all the answers

    What is a major challenge faced by developing countries in global trade?

    <p>Exporting raw materials used in high-value finished goods, which they end up importing 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 is a major consequence of mechanization in production processes?

    <p>Increased output but also replaced labor, affecting employment patterns</p> Signup and view all the answers

    What is the primary role of financial institutions in economic growth?

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

    What is a major challenge faced by South Africa during the industrial development phase?

    <p>Inadequate capital and skilled labor shortages</p> Signup and view all the answers

    What is a characteristic of the modern economy in South Africa?

    <p>The service sector has grown significantly</p> Signup and view all the answers

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

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

    What is the fundamental challenge in economics?

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

    What is the primary focus of Macroeconomics?

    <p>Overall functioning of an economy</p> Signup and view all the answers

    Which approach of economics involves developing hypotheses based on existing theories and testing them against empirical data?

    <p>Deductive reasoning</p> Signup and view all the answers

    What is the primary purpose of economic models?

    <p>To describe and predict economic phenomena</p> Signup and view all the answers

    What is the primary economic question that addresses how to distribute limited resources?

    <p>How to allocate resources?</p> Signup and view all the answers

    Which branch of economics studies the economic activities of government and its role in the economy?

    <p>Public Sector Economics</p> Signup and view all the answers

    What is the primary difference between Positive and Normative Economics?

    <p>Objectivity vs. subjectivity</p> Signup and view all the answers

    Which of the following is an example of a microeconomic decision?

    <p>Deciding how many goods to produce</p> Signup and view all the answers

    What is the primary goal of economic research?

    <p>To understand and predict economic phenomena</p> Signup and view all the answers

    What is the primary economic challenge faced by developing countries?

    <p>Promoting economic development</p> Signup and view all the answers

    What is the main factor contributing to the rapid growth of South Africa's population from 22 million in 1970 to 50 million by 2010?

    <p>High birth rates and immigration</p> Signup and view all the answers

    What is the primary challenge facing the South African labour force in terms of age composition?

    <p>Youth unemployment, with a large percentage of the unemployed being under 35 years old</p> Signup and view all the answers

    What is the primary sector shift observed in the South African labour force?

    <p>From primary sectors like agriculture and mining to services and finance</p> Signup and view all the answers

    What is the primary geographic distribution challenge in South Africa's employment?

    <p>Provincial disparities in employment opportunities</p> Signup and view all the answers

    What is a critical policy need to address the challenges in South Africa's employment?

    <p>Enhanced education and skills training</p> Signup and view all the answers

    What is the primary impact of HIV/AIDS on South Africa's population growth?

    <p>Slowed natural growth rate due to increased mortality</p> Signup and view all the answers

    What is the primary challenge facing entrepreneurs in South Africa?

    <p>Lack of support from government policies</p> Signup and view all the answers

    What is the primary consequence of urbanization in South Africa?

    <p>Increased pressure on urban infrastructure and services</p> Signup and view all the answers

    What is the primary goal of policies addressing the challenges of urbanization in South Africa?

    <p>Improving urban planning and infrastructure</p> Signup and view all the answers

    What is the primary benefit of enhancing education and training in South Africa's labour force?

    <p>Improved alignment with the demands of a changing economy</p> Signup and view all the answers

    What is the primary goal of economic research?

    <p>To draw conclusions based on evidence</p> Signup and view all the answers

    What is the fundamental economic problem that compels individuals and societies to make choices?

    <p>Limited availability of resources</p> Signup and view all the answers

    What is the primary characteristic of free goods?

    <p>They are naturally available without cost</p> Signup and view all the answers

    What is the term for the foregone benefit of the next best alternative when a choice is made?

    <p>Opportunity cost</p> Signup and view all the answers

    What is the primary process that defines economic activity within a society?

    <p>Production, exchange, and consumption</p> Signup and view all the answers

    What is the primary function of entrepreneurship in the production process?

    <p>To combine the four factors of production to create goods and services</p> Signup and view all the answers

    What is the primary characteristic of economic goods?

    <p>They require scarce resources to produce</p> Signup and view all the answers

    What sector of the economy involves extraction of natural resources?

    <p>Primary sector</p> Signup and view all the answers

    What is the primary difference between absolute and relative scarcity?

    <p>Absolute scarcity occurs when resources are insufficient, while relative scarcity exists when resources are sufficient but inaccessible</p> Signup and view all the answers

    What is the primary challenge faced by economic research compared to physical sciences?

    <p>Conducting controlled experiments is often impractical in economics</p> Signup and view all the answers

    What is the primary goal of sustainable development?

    <p>To minimize environmental harm and ensure fair labor practices</p> Signup and view all the answers

    What is the Gross Domestic Product (GDP)?

    <p>The total market value of all goods and services produced within a country's borders in each period</p> Signup and view all the answers

    What is the main difference between the real flow and monetary flow in the circular flow model?

    <p>The real flow is the movement of goods and services, while the monetary flow is the movement of money</p> Signup and view all the answers

    What is the purpose of regulatory measures in promoting sustainable development?

    <p>To curb environmentally harmful activities</p> Signup and view all the answers

    What is the role of households in the circular flow model?

    <p>To provide labor and receive income</p> Signup and view all the answers

    What is the Gross National Income (GNI)?

    <p>The total income earned by a country's nationals, including production inside and outside the country</p> Signup and view all the answers

    What is the primary challenge to achieving sustainable development?

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

    What is the focus of the expenditure approach to calculating GDP?

    <p>Total spending on final goods and services in the economy</p> Signup and view all the answers

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

    <p>To facilitate savings and provide loans</p> Signup and view all the answers

    What is the main difference between GDP and GNI?

    <p>GDP includes production inside the country, while GNI includes production inside and outside the country</p> Signup and view all the answers

    What is the primary focus of GDP?

    <p>Production within the country</p> Signup and view all the answers

    What is the limitation of GDP and GNI?

    <p>They do not account for wealth distribution and informal economic activities</p> Signup and view all the answers

    What is the purpose of per capita income calculation?

    <p>To understand the economic well-being of the average citizen</p> Signup and view all the answers

    What are the three types of economic indicators?

    <p>Leading, Coincident, and Lagging Indicators</p> Signup and view all the answers

    What is the characteristic of a boom phase in a business cycle?

    <p>Peak economic performance before a potential downturn</p> Signup and view all the answers

    What is the effect of business cycles on economically vulnerable populations?

    <p>They are disproportionately affected by the business cycles</p> Signup and view all the answers

    What is the role of Aggregate Demand in a business cycle?

    <p>It represents the total demand for goods and services in the economy</p> Signup and view all the answers

    What is the impact of business cycles on employment?

    <p>Job creation increases during booms and decreases during recessions</p> Signup and view all the answers

    What is the cause of business cycles?

    <p>Both exogenous and endogenous factors</p> Signup and view all the answers

    What is the effect of business cycles on economic growth?

    <p>Expansion phases lead to growth, while contraction phases lead to declines</p> Signup and view all the answers

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