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Questions and Answers

What is the primary focus of economics as a social science?

  • The study of how to allocate abundant resources to satisfy limited wants and needs.
  • The study of how to prioritize unlimited resources to satisfy limited wants and needs.
  • The study of how to eliminate scarcity in an economy.
  • The study of how individuals, businesses, governments, and other organizations make decisions to allocate scarce resources to satisfy their unlimited wants and needs. (correct)

    • What is the core challenge in economics?

  • Unlimited resources
  • Abundant resources
  • Scarcity (correct)
  • Limited wants

    • What is one of the primary economic questions?

  • How to eliminate scarcity?
  • How to allocate abundant resources?
  • What to produce? (correct)
  • How to prioritize unlimited resources?

    • Which branch of economics focuses on the overall functioning of an economy?

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

    What is the main difference between microeconomics and macroeconomics?

    <p>Microeconomics focuses on individual decisions, while macroeconomics focuses on the overall functioning of an economy.</p> Signup and view all the answers

    What is the fundamental economic problem?

    <p>How to distribute limited resources efficiently to satisfy unlimited wants and needs.</p> Signup and view all the answers

    What is an example of a decision that individuals, governments, and societies must make?

    <p>How to balance the fulfillment of diverse needs such as education, healthcare, and public safety against available financial capacities.</p> Signup and view all the answers

    What is the outcome of the dichotomy between infinite desires and finite means?

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

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

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

    What is the main difference between the goods market and the factor market?

    <p>The goods market is where goods and services are exchanged, while the factor market is where factors of production are traded</p> Signup and view all the answers

    What is the formula for calculating GDP using the Expenditure Approach?

    <p>GDP = C + I + G + (X - M)</p> Signup and view all the answers

    What is the main limitation of GDP as a measure of economic activity?

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

    What is the primary difference between GDP and GNI?

    <p>GDP measures production within the country, while GNI measures production by nationals anywhere</p> Signup and view all the answers

    What is the purpose of per capita income calculation?

    <p>To calculate the average income per person</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 purpose of time series data in business cycles?

    <p>To analyze changes in economic indicators over time</p> Signup and view all the answers

    What is the characteristic of procyclical indicators in business cycles?

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

    What is the definition of business cycles?

    <p>The natural fluctuations in economic activity that occur over time</p> Signup and view all the answers

    What is the main focus of Monetary Economics?

    <p>The role of money in the economy</p> Signup and view all the answers

    Which approach involves value judgments and subjective perspectives on what the economy should be like?

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

    What is the main challenge in Economic Research?

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

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

    <p>The problem of scarcity</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 type of scarcity occurs when resources are insufficient to produce a good despite its availability?

    <p>Absolute scarcity</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 main focus of Developmental Economics?

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

    What is the main focus of Environmental Economics?

    <p>The economic issues with environmental implications</p> Signup and view all the answers

    What is the term for the simplified representations of complex economic activities?

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

    What is the primary purpose of budget allocations in a government?

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

    What is an example of the primary sector?

    <p>Extracting natural resources</p> Signup and view all the answers

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

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

    What is the main goal of sustainable development?

    <p>To conduct economic growth without depleting natural resources</p> Signup and view all the answers

    What is the term for tools, machinery, and buildings used to produce goods and services?

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

    What is the term for the unregistered businesses that are not included in official economic statistics?

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

    What is the term for long-lasting goods like appliances and vehicles?

    <p>Durable Goods</p> Signup and view all the answers

    What is the main role of households in the economy?

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

    What is the term for the rate at which one currency can be exchanged for another?

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

    What is the term for the sector that provides services rather than goods?

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

    What is the primary function of taxation in the economy?

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

    What is the characteristic of a mixed economy?

    <p>It combines elements of free markets and government control</p> Signup and view all the answers

    What is the effect of mechanization on employment patterns?

    <p>It has decreased employment opportunities</p> Signup and view all the answers

    What is the primary driver of urban growth?

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

    What is the primary function of limited liability companies?

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

    What is the impact of globalization on developing countries?

    <p>It has perpetuated economic imbalances</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 the characteristic of the early agricultural history of South Africa?

    <p>It was characterized by minimal trade and subsistence farming</p> Signup and view all the answers

    What is the primary driver of industrial development in South Africa?

    <p>All of the above</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 main factor that affects the exchange rate according to the business cycle?

    <p>Economic strength or weakness</p> Signup and view all the answers

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

    <p>Natural disasters</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

    Which phase of the business cycle is characterized by a gradual improvement in economic conditions?

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

    What is the primary reason economically vulnerable groups suffer the most during economic downturns?

    <p>Reduced income and higher unemployment rates</p> Signup and view all the answers

    What was the primary mode of exchange in early societies before the advent of money?

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

    What was the significant impact of industrialization on economies?

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

    What is the primary reason for the growth of towns and cities?

    <p>Industrial opportunities</p> Signup and view all the answers

    What is the primary consequence of specialization of labor?

    <p>Fostered growth of markets and trade</p> Signup and view all the answers

    What has driven the growth of the service sector in South Africa's economy since 1994?

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

    What is a major challenge facing South Africa's economy?

    <p>Both A and B</p> Signup and view all the answers

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

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

    What is a significant challenge facing 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?

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

    What is a challenge facing employment in South Africa?

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

    What is a policy implication for addressing South Africa's economic challenges?

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

    What is the impact of urbanization on South Africa's economy?

    <p>It has put pressure on social services and infrastructure</p> Signup and view all the answers

    What is a characteristic of South Africa's population growth?

    <p>Rapid growth</p> Signup and view all the answers

    What is a factor influencing population growth in South Africa?

    <p>All of the above</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 human wants are unlimited and resources are finite.</p> Signup and view all the answers

    What is the scope of microeconomics?

    <p>It examines the decisions of individuals and firms.</p> Signup and view all the answers

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

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

    What is the outcome of the dichotomy between infinite desires and finite means?

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

    What is the branch of economics that studies the overall functioning of an economy?

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

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

    <p>Because resources are finite and human wants are infinite.</p> Signup and view all the answers

    What is the primary function of entrepreneurship in an economy?

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

    What is the primary economic question that determines the methods and technologies for production?

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

    What is the fundamental economic problem that arises from the scarcity of resources?

    <p>How to make decisions about resource allocation.</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 term for unregistered businesses that are not included in official economic statistics?

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

    What is the primary goal of sustainable development?

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

    Which type of goods are long-lasting, such as appliances and vehicles?

    <p>Durable Goods</p> Signup and view all the answers

    What is the term for the rate at which one currency can be exchanged for another?

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

    Which sector provides services rather than goods?

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

    What is the term for tools, machinery, and buildings used to produce goods and services?

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

    What is the primary role of households in the economy?

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

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

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

    What is the phase of the business cycle characterized by decreasing economic growth, output, and employment?

    <p>Recession</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 are the factors that influence the economy from outside?

    <p>Exogenous Reasons</p> Signup and view all the answers

    What is the outcome of economic cycles on economically vulnerable populations?

    <p>They suffer the most during economic downturns</p> Signup and view all the answers

    What is the term for the growth of towns and cities as trade expands?

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

    What is the primary focus of understanding business cycles?

    <p>To anticipate economic changes</p> Signup and view all the answers

    What is the phase of the business cycle characterized by gradual improvement in economic conditions?

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

    What is the impact of business cycles on economic growth?

    <p>Business cycles lead to fluctuations in economic growth</p> Signup and view all the answers

    What is the term for the establishment of structured communities and leadership hierarchies?

    <p>Accumulation of Wealth and Power</p> Signup and view all the answers

    What is the primary focus of Labour Economics?

    <p>The supply and demand for labour and its effect on wage levels and employment</p> Signup and view all the answers

    Which approach 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 goal of economic models?

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

    What is the main challenge in economic research?

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

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

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

    What is the primary focus of International Economics?

    <p>International trade and finance</p> Signup and view all the answers

    What is the term for the simplified representations of complex economic activities?

    <p>Economic Models</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 focus of Public Sector Economics?

    <p>The economic activities of government and its role in the economy</p> Signup and view all the answers

    Which branch of economics focuses on the economic issues with environmental implications?

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

    What is the main purpose of the Foreign Sector in the economy?

    <p>To engage in trade, affecting imports and exports</p> Signup and view all the answers

    What is the movement of goods and services referred to as?

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

    Which approach to calculating GDP involves summing up all outputs produced?

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

    What is the primary limitation of GDP as a measure of economic activity?

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

    What is the purpose of calculating per capita income?

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

    What is the characteristic of coincident indicators in business cycles?

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

    What is the primary purpose of time series data in business cycles?

    <p>To track economic changes over successive time intervals</p> Signup and view all the answers

    What is the characteristic of procyclical indicators in business cycles?

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

    What is the primary focus of business cycles?

    <p>To analyze the natural fluctuations in economic activity</p> Signup and view all the answers

    What is the primary limitation of GNI as a measure of economic activity?

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

    What is the primary role of governments in the economy?

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

    What is the outcome of mechanization in production processes?

    <p>Increased output but also replacement of labor</p> Signup and view all the answers

    What is the primary driver of urban growth?

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

    What is the primary function of limited liability companies?

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

    What is the impact of globalization on developing countries?

    <p>It has widened the economic disparities between developed and developing nations</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 the characteristic of the mixed economy?

    <p>It combines elements of free markets and government control</p> Signup and view all the answers

    What is the primary driver of industrial development in South Africa?

    <p>Government policies and entrepreneurial immigrants</p> Signup and view all the answers

    What is the characteristic of the early agricultural history of South Africa?

    <p>It was characterized by subsistence farming and minimal trade</p> Signup and view all the answers

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

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

    What has driven the growth of the service sector in South Africa since 1994?

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

    What is the primary factor influencing population growth in South Africa?

    <p>Fertility rates and migration</p> Signup and view all the answers

    What is the result of the HIV/AIDS epidemic on South Africa's population?

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

    What is the main challenge facing the South African labour force?

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

    What has been the outcome of the shift from primary sectors to services and finance?

    <p>Increased demand for skilled workers in services and finance</p> Signup and view all the answers

    What is the primary challenge facing the informal sector in South Africa?

    <p>Limited development and support</p> Signup and view all the answers

    What is the primary policy implication for addressing the challenges facing the South African economy?

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

    What is the main impact of urbanization on South Africa's social services and infrastructure?

    <p>Increased demand for services</p> Signup and view all the answers

    What is the primary factor influencing the distribution of employment opportunities in South Africa?

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

    What is the primary challenge facing the youthful labour force in South Africa?

    <p>Underutilization and high unemployment</p> Signup and view all the answers

    What is the underlying reason for the existence of the economic problem?

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

    Which of the following is NOT one of the primary economic questions?

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

    What is the key difference between microeconomics and macroeconomics?

    <p>Microeconomics focuses on individual markets, while macroeconomics focuses on the entire economy</p> Signup and view all the answers

    Why do individuals, governments, and societies need to make decisions about resource allocation?

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

    What is the fundamental economic problem related to?

    <p>The allocation of resources</p> Signup and view all the answers

    What do microeconomics and macroeconomics have in common?

    <p>They both examine the allocation of resources</p> Signup and view all the answers

    What is the primary concern of economics as a social science?

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

    Why is the economic problem considered a fundamental challenge?

    <p>Because it arises from the mismatch between limitless wants and finite resources</p> Signup and view all the answers

    What is the term for the creation of goods and services by combining land, labor, capital, and entrepreneurship?

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

    Which sector of the economy provides services rather than goods?

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

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

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

    What is the goal of sustainable development?

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

    What is the term for unregistered businesses that are not included in official economic statistics?

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

    What is the term for long-lasting goods like appliances and vehicles?

    <p>Durable Goods</p> Signup and view all the answers

    What is the main role of households in the economy?

    <p>Purchasing goods and services</p> Signup and view all the answers

    What is the term for the rate at which one currency can be exchanged for another?

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

    What is the term for the process of creating goods and services?

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

    What is the term for individuals who combine the four factors of production to create goods and services?

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

    What is the main function of the goods market in the economy?

    <p>To facilitate the exchange of goods and services</p> Signup and view all the answers

    What is the significance of the Expenditure Approach in calculating GDP?

    <p>It represents the total spending on final goods and services</p> Signup and view all the answers

    Why is GNI a more comprehensive measure of a country's economic activity than GDP?

    <p>Because it accounts for income earned by nationals abroad</p> Signup and view all the answers

    What is the primary problem with using GDP as a measure of economic activity?

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

    What is the purpose of per capita income calculation?

    <p>To calculate the average income per person in a country</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 primary function of time series data in business cycles?

    <p>To track economic indicators over time</p> Signup and view all the answers

    What is the characteristic of procyclical indicators in business cycles?

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

    What are business cycles characterized by?

    <p>Alternating periods of expansion and contraction</p> Signup and view all the answers

    Why are economic indicators important in understanding business cycles?

    <p>They provide insights into the current phase of the business cycle</p> Signup and view all the answers

    What is the primary focus of Labour Economics?

    <p>The supply and demand for labour and its effects on wage levels and employment</p> Signup and view all the answers

    What is the main difference between positive and normative economics?

    <p>Positive economics focuses on describing and predicting economic phenomena, while normative economics involves value judgments</p> Signup and view all the answers

    Which of the following is an example of an economic model?

    <p>A mathematical equation representing the economy</p> Signup and view all the answers

    What is the main challenge faced by economists in conducting research?

    <p>The difficulty in controlling variables and conducting experiments</p> Signup and view all the answers

    What is the term for the limited availability of resources that leads to the necessity of making choices?

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

    What is the primary focus of International Economics?

    <p>International trade and finance, studying how countries interact economically</p> Signup and view all the answers

    Which approach 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 term for the benefit that is given up when a choice is made?

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

    What is the primary focus of Environmental Economics?

    <p>Economic issues with environmental implications</p> Signup and view all the answers

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

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

    What is the primary reason for government intervention in the economy through taxation?

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

    What is the primary characteristic of a mixed economy?

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

    What is the primary effect of mechanization on employment patterns?

    <p>Decreased employment opportunities</p> Signup and view all the answers

    What is the primary driver of urban growth?

    <p>Migration trends</p> Signup and view all the answers

    What is the primary function of limited liability companies?

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

    What is the primary impact of globalization on developing countries?

    <p>Contributed to economic disparities</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 the characteristic of the early agricultural history of South Africa?

    <p>Predominantly agrarian economy with minimal trade</p> Signup and view all the answers

    What is the primary driver of industrial development in South Africa?

    <p>Immigration and entrepreneurial immigrants</p> Signup and view all the answers

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

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

    What is the primary driver of urbanization in South Africa?

    <p>Economic development leading to better employment opportunities</p> Signup and view all the answers

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

    <p>It has slowed down the population growth rate due to increased mortality</p> Signup and view all the answers

    What is the primary challenge facing the South African labour force?

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

    What is the main focus of policy implications in addressing South Africa's economic challenges?

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

    What is the characteristic of South Africa's demographic profile?

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

    What is the primary reason for the shift from primary sectors to services and finance?

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

    What is the main challenge facing the informal sector in South Africa?

    <p>Limited development and low entrepreneurial rates</p> Signup and view all the answers

    What is the primary factor influencing population growth in South Africa?

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

    What is the characteristic of the youth labour force in South Africa?

    <p>Underutilized and facing high unemployment rates</p> Signup and view all the answers

    What is the primary goal of urban planning and infrastructure development in South Africa?

    <p>Reducing urban sprawl and improving service delivery</p> Signup and view all the answers

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

    <p>Reduced income and higher unemployment rates</p> Signup and view all the answers

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

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

    What is the phase of the business cycle characterized by a gradual improvement in economic conditions?

    <p>Recovery</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 driver of urban growth according to the evolution of markets?

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

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

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

    What is the primary focus of understanding business cycles?

    <p>Anticipating economic changes and implementing measures to mitigate adverse effects</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</p> Signup and view all the answers

    What is the primary impact of business cycles on employment?

    <p>Increased employment during booms and decreased employment during recessions</p> Signup and view all the answers

    What is the primary reason for the growth of towns and mercantile law?

    <p>Expansion of trade and commerce</p> Signup and view all the answers

    What is the primary reason why individuals, businesses, governments, and other organizations make decisions about resource allocation?

    <p>Because human wants are limitless, yet resources are limited</p> Signup and view all the answers

    What is the primary concern of microeconomics?

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

    What is the primary goal of resource allocation?

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

    What is the primary reason why economics is a social science?

    <p>It studies the behavior of individuals and societies</p> Signup and view all the answers

    What is the primary concern of macroeconomics?

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

    What is the primary economic problem that arises from the dichotomy between infinite desires and finite means?

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

    What is the primary reason why economics is divided into different branches?

    <p>To focus on different aspects of economic analysis</p> Signup and view all the answers

    What is the primary outcome of the economic problem of scarcity?

    <p>The need to make choices about resource allocation</p> Signup and view all the answers

    What is the primary function of entrepreneurship in the production of goods and services?

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

    What is the main difference between the primary sector and the secondary sector?

    <p>The primary sector involves extraction of natural resources, while the secondary sector involves manufacturing and processing</p> Signup and view all the answers

    What is the main goal of sustainable development?

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

    What is the main difference between the public sector and the private sector?

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

    What is the main characteristic of the formal sector?

    <p>It includes all registered businesses whose activities are measured in official statistics</p> Signup and view all the answers

    What is the main purpose of exchange rates in international trade?

    <p>To facilitate the exchange of one currency for another, enabling international trade</p> Signup and view all the answers

    What is the main characteristic of durable goods?

    <p>They are long-lasting goods like appliances and vehicles</p> Signup and view all the answers

    What is the main role of households in the economy?

    <p>To provide labor and receive income used to purchase goods and services</p> Signup and view all the answers

    What is the main challenge to achieving sustainable development?

    <p>Issues like pollution, greenhouse effects, and exploitation of labor</p> Signup and view all the answers

    What is the primary function of capital in the production of goods and services?

    <p>To provide tools, machinery, and buildings used to produce goods and services</p> Signup and view all the answers

    What is the primary characteristic of the prosperity phase of a business cycle?

    <p>High economic activity, increasing employment, and wages</p> Signup and view all the answers

    What is the main factor that influences the aggregate demand in an economy?

    <p>Changes in investment and savings levels</p> Signup and view all the answers

    Which of the following is a consequence of business cycles on economically vulnerable populations?

    <p>Reduced income and higher unemployment rates</p> Signup and view all the answers

    What is the primary role of government and social services during economic downturns?

    <p>To provide support to economically vulnerable populations</p> Signup and view all the answers

    What is the primary consequence of urbanization on economic development?

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

    What is the primary characteristic of industrialization?

    <p>Significant advances in manufacturing and mechanization</p> Signup and view all the answers

    What is the primary factor that influences the exchange rate according to the business cycle?

    <p>Economic strength or weakness</p> Signup and view all the answers

    What is the primary consequence of specialization of labor on economic development?

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

    What is the primary role of language skills and learning in the development of trade and commerce?

    <p>To record transactions and transmit knowledge</p> Signup and view all the answers

    What is the primary characteristic of the recovery phase of a business cycle?

    <p>Gradual improvement in economic conditions</p> Signup and view all the answers

    What is the primary function of the Foreign Sector in the economy?

    <p>To engage in trade, affecting imports and exports</p> Signup and view all the answers

    What represents 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 main difference between the Product Approach and the Expenditure Approach to calculating GDP?

    <p>The Product Approach focuses on production, while the Expenditure Approach focuses on spending</p> Signup and view all the answers

    What does GNI measure?

    <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 main limitation of using GDP as a measure of economic activity?

    <p>All of the above</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 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 purpose of time series data in business cycles?

    <p>To track changes in the economy over time</p> Signup and view all the answers

    What is the characteristic of procyclical indicators in business cycles?

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

    What is the main focus of understanding business cycles?

    <p>To understand the natural fluctuations in economic activity</p> Signup and view all the answers

    What is the primary purpose of taxation in a mixed economy?

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

    What is the primary driver of industrial development in South Africa?

    <p>Global technological advances</p> Signup and view all the answers

    What is the primary effect of mechanization on employment patterns?

    <p>Replacement of labor</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 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 the characteristic of the early agricultural history of South Africa?

    <p>Predominantly agrarian with minimal trade</p> Signup and view all the answers

    What is the primary impact of globalization on developing countries?

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

    What is the primary driver of urban growth?

    <p>Migration trends</p> Signup and view all the answers

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

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

    What is the primary role of trade unions?

    <p>To improve working conditions and negotiate fair wages</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 approaches involves forming 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 term for the branch of economics that focuses on international trade and finance?

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

    What is the primary challenge faced by economists in conducting research?

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

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

    <p>Free Goods</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

    Which of the following is an example of relative scarcity?

    <p>A lack of access to goods due to economic constraints</p> Signup and view all the answers

    What is the primary focus of Environmental Economics?

    <p>The economic issues with environmental implications</p> Signup and view all the answers

    Which of the following approaches focuses on describing and predicting economic phenomena without judgment?

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

    What is the primary driver of South Africa's economic growth since 1994?

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

    What is the main challenge facing South Africa's service sector?

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

    What is the estimated population of South Africa by 2010?

    <p>50 million</p> Signup and view all the answers

    What is the primary factor influencing population growth in South Africa?

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

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

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

    What is the primary challenge facing South Africa's youth?

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

    What is the primary sector that has driven economic growth in South Africa?

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

    What is the primary policy implication of South Africa's demographic and labour force trends?

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

    What is the primary impact of urbanization on South Africa's cities?

    <p>Increased challenges of urban overcrowding and service delivery</p> Signup and view all the answers

    What is the primary challenge facing South Africa's labour market?

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

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

    <p>Because of the scarcity of resources</p> Signup and view all the answers

    Which of the following is NOT a primary economic question?

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

    Which branch of economics examines the overall functioning of an economy, including issues like unemployment, inflation, and economic growth?

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

    What is the outcome of the dichotomy between infinite desires and finite means?

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

    Which of the following is a characteristic of microeconomics?

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

    What is the main challenge that arises from the scarcity of resources?

    <p>Deciding which needs to prioritize and which to forgo</p> Signup and view all the answers

    Which of the following is a consequence of the fundamental economic problem?

    <p>The need to make choices about resource allocation</p> Signup and view all the answers

    What is the primary goal of economics as a social science?

    <p>To study how individuals, businesses, governments, and other organizations make decisions to allocate scarce resources</p> Signup and view all the answers

    What is the primary function of the foreign sector in the economy?

    <p>To engage in trade, affecting imports and exports</p> Signup and view all the answers

    What is the main difference between the real flow and monetary flow?

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

    What is the primary limitation of using GDP as a measure of economic activity?

    <p>It does not account for the distribution of income among the population</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 focuses on income earned by nationals</p> Signup and view all the answers

    What is the primary purpose of per capita income calculation?

    <p>To calculate the average income per person</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 primary purpose of time series data in business cycles?

    <p>To analyze changes in the business cycle</p> Signup and view all the answers

    What is the characteristic of procyclical indicators in business cycles?

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

    What is the primary focus of business cycle analysis?

    <p>To analyze changes in the business cycle</p> Signup and view all the answers

    What is the primary limitation of using economic indicators in business cycle analysis?

    <p>They are often lagging and do not signal future changes</p> Signup and view all the answers

    What is the primary reason why economically vulnerable populations are disproportionately affected by business cycles?

    <p>They are more susceptible to changes in aggregate demand and supply</p> Signup and view all the answers

    What is the phase of the business cycle characterized by decreasing economic growth, output, and employment?

    <p>Recession</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 factor that influences the emergence of trade in early societies?

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

    What is the term for the growth of markets and trade resulting from specialization of labor?

    <p>Market Development</p> Signup and view all the answers

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

    <p>Reduced income and higher unemployment rates</p> Signup and view all the answers

    What is the primary focus of economic planning and policymaking?

    <p>Anticipating economic changes and implementing measures to mitigate the adverse effects</p> Signup and view all the answers

    What is the primary characteristic of procyclical indicators in business cycles?

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

    What is the primary driver of urban growth?

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

    What is the primary role of government and social services in supporting economically vulnerable populations?

    <p>Supporting them especially during economic downturns</p> Signup and view all the answers

    What is the primary function of entrepreneurship in the production of goods and services?

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

    Which sector of the economy is responsible for providing public services and infrastructure?

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

    What is the main difference between durable and non-durable goods?

    <p>Durable goods are long-lasting, while non-durable goods are consumed immediately</p> Signup and view all the answers

    What is the primary goal of sustainable development?

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

    What is the primary focus of Labour Economics?

    <p>The supply and demand for labour and its effects on wage levels and employment</p> Signup and view all the answers

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

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

    Which of the following approaches 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 in economics?

    <p>To describe and predict economic phenomena without judgment</p> Signup and view all the answers

    Which sector of the economy is responsible for extracting natural resources?

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

    What is the primary role of regulatory measures in promoting sustainable development?

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

    Which of the following is an example of relative scarcity?

    <p>Goods being plentiful but unaffordable for the majority in developing nations</p> Signup and view all the answers

    What is the term for the benefit of the next best alternative when a choice is not made?

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

    What is the term for the rate at which one currency can be exchanged for another?

    <p>Exchange rate</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

    Which sector of the economy is responsible for providing services rather than goods?

    <p>Tertiary Sector</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 primary focus of International Economics?

    <p>International trade and finance, studying how countries interact economically</p> Signup and view all the answers

    Which of the following approaches is used in economics to develop new theories based on data?

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

    What is the primary challenge in Economic Research?

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

    Which of the following is an example of an economic good?

    <p>A packet of rice</p> Signup and view all the answers

    What is the primary function of taxation in a mixed economy?

    <p>To fund public services and infrastructure, influencing economic activities</p> Signup and view all the answers

    How does mechanization affect employment patterns?

    <p>It replaces labor with machinery, affecting employment patterns</p> Signup and view all the answers

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

    <p>To balance the interests of rich and poor nations in global trade</p> Signup and view all the answers

    What is the characteristic of a mixed economy?

    <p>It combines elements of free markets and government control to balance growth and social welfare</p> Signup and view all the answers

    What is the primary driver of urban growth during industrialization?

    <p>The migration of people from rural areas to cities</p> Signup and view all the answers

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

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

    What is the impact of globalization on developing countries?

    <p>It perpetuates economic imbalances by creating unequal trade relationships</p> Signup and view all the answers

    What is the primary role of limited liability companies?

    <p>To promote entrepreneurship and investment by protecting investors from losing more than their investment</p> Signup and view all the answers

    What is the characteristic of the early agricultural history of South Africa?

    <p>It was characterized by subsistence farming, limited markets, and reliance on manual labor and basic tools</p> Signup and view all the answers

    What is the primary driver of industrial development in South Africa?

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

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

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

    What is the main challenge facing the South African labour force?

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

    What is the primary impact of HIV/AIDS on South Africa's demographic patterns?

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

    What is the primary driver of urban growth in South Africa?

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

    What is the primary policy implication for addressing the challenges in South Africa's labour force?

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

    What is the primary characteristic of South Africa's demographic cycle?

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

    What is the primary challenge facing the South African economy?

    <p>Inequality and resource distribution</p> Signup and view all the answers

    What is the primary impact of inadequate education and skills training on South Africa's labour force?

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

    What is the primary driver of the shift from primary sectors to services and finance in South Africa's economy?

    <p>Economic development and changing skill sets</p> Signup and view all the answers

    What is the primary policy implication for addressing the challenges of urbanization in South Africa?

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

    In which branch of economics would the study of the effects of climate change on the economy fall?

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

    What type of reasoning involves observing data to develop new theories?

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

    What is the primary purpose of economic models?

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

    Which approach involves value judgments and subjective perspectives on what the economy should be like?

    <p>Normative economics</p> Signup and view all the answers

    What is the main challenge in conducting economic research?

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

    What is the term for the goods that require scarce resources to produce?

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

    What is the outcome of the trade-off between infinite desires and finite means?

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

    What is the primary reason why individuals and governments must continuously make decisions about resource allocation?

    <p>To balance the fulfillment of diverse needs against available financial capacities</p> Signup and view all the answers

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

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

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

    <p>Deciding the production level of a firm</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

    What is the term for the simplified representations of complex economic activities?

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

    What is the relationship between human wants and resources in the context of economics?

    <p>Human wants are infinite, while resources are finite</p> Signup and view all the answers

    What is the primary objective of economic analysis in the context of resource allocation?

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

    Which of the following is a characteristic of macroeconomic analysis?

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

    What is the primary challenge that arises from the dichotomy between infinite desires and finite means?

    <p>The need to make choices about resource allocation</p> Signup and view all the answers

    What is the primary role of economic questions in the context of resource allocation?

    <p>To guide decision-making about resource allocation</p> Signup and view all the answers

    What is the primary goal of economic analysis in the context of resource allocation?

    <p>To distribute resources efficiently to meet the needs of individuals and societies</p> Signup and view all the answers

    What is the primary role of entrepreneurship in the economy?

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

    Which sector of the economy involves the extraction of natural resources?

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

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

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

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

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

    Which sector of the economy provides services rather than goods?

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

    What is the term for the rate at which one currency can be exchanged for another?

    <p>Exchange rate</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

    Which of the following is an example of a semi-durable good?

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

    What is the term for unregistered businesses that are not included in official economic statistics?

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

    What is the primary function of markets in the economy?

    <p>To enable the exchange of goods and services</p> Signup and view all the answers

    Which of the following is a limitation of using GDP as a measure of economic activity?

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

    What is the primary difference between GDP and GNI?

    <p>GDP measures domestic production, while GNI measures national income</p> Signup and view all the answers

    Which of the following is a characteristic of a business cycle?

    <p>It is a natural fluctuation in economic activity</p> Signup and view all the answers

    What is the purpose of calculating per capita income?

    <p>To measure the average income of a person in a country</p> Signup and view all the answers

    Which of the following is a type of economic indicator?

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

    What is the primary function of the foreign sector in the economy?

    <p>To engage in international trade and investment</p> Signup and view all the answers

    Which of the following is a characteristic of leading indicators?

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

    What is the purpose of time series data in business cycles?

    <p>To track economic changes over time</p> Signup and view all the answers

    Which of the following is a limitation of using GNI as a measure of economic activity?

    <p>It does not account for production by foreign entities</p> Signup and view all the answers

    What is the primary cause of economic downturns in business cycles?

    <p>Endogenous factors such as fluctuations in investment and technological changes</p> Signup and view all the answers

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

    <p>They are more affected by economic downturns due to reduced income and higher unemployment rates</p> Signup and view all the answers

    What is the primary purpose of understanding business cycles?

    <p>To anticipate economic changes and implement measures to mitigate the adverse effects on the population</p> Signup and view all the answers

    What is the primary characteristic of the boom phase of the business cycle?

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

    What is the primary factor that influences the exchange rate?

    <p>Business cycles</p> Signup and view all the answers

    What is the primary consequence of urbanization on economic growth?

    <p>It leads to an increase in economic growth</p> Signup and view all the answers

    What is the primary driver of market development?

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

    What is the primary characteristic of the recovery phase of the business cycle?

    <p>Gradual improvement in economic conditions</p> Signup and view all the answers

    What is the primary 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 primary factor that influences the price levels in an economy?

    <p>Aggregate demand and supply</p> Signup and view all the answers

    What is the primary factor that has driven the growth of the service sector in South Africa since 1994?

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

    What is the primary challenge facing the South African economy in terms of inequality?

    <p>Resource distribution</p> Signup and view all the answers

    What is the primary factor that has influenced population growth in South Africa?

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

    What is the primary stage of demographic transition that South Africa is currently experiencing?

    <p>Lower birth and death rates</p> Signup and view all the answers

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

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

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

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

    What is the primary sector that has seen a shift in the South African labour force?

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

    What is the primary challenge facing entrepreneurship in South Africa?

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

    What is the primary policy implication for addressing the challenges in the South African labour force?

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

    What is the primary challenge facing urban planning and infrastructure in South Africa?

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

    What is the primary purpose of governments' use of taxation in the economy?

    <p>To influence economic activities and fund public services</p> Signup and view all the answers

    What is the primary characteristic of a mixed economy?

    <p>A balance between the elements of free markets and government control to promote growth and social welfare</p> Signup and view all the answers

    What is the primary impact of mechanization on employment patterns?

    <p>An increase in labor productivity and a decrease in the need for manual labor</p> Signup and view all the answers

    What is the primary driver of urban growth?

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

    What is the primary function of limited liability companies?

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

    What is the primary impact of globalization on developing countries?

    <p>The perpetuation of economic imbalances, with developing countries exporting raw materials and importing high-value finished goods</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 is the primary characteristic of the early agricultural history of South Africa?

    <p>The economy was predominantly agrarian with minimal trade, characterized by subsistence farming and limited markets</p> Signup and view all the answers

    What is the primary driver of industrial development in South Africa?

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

    What is the primary factor that shapes the global economic landscape?

    <p>The understanding of the historical context and current dynamics of global economies</p> Signup and view all the answers

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