340 Questions
What is the fundamental challenge in economics?
Scarcity
What is the primary focus of microeconomics?
The decisions of individuals and firms
What is the primary goal of resource allocation in economics?
To allocate resources efficiently
Which of the following is NOT a primary economic question?
Why to produce?
What is the primary focus of macroeconomics?
The overall functioning of an economy
What is the reason for the fundamental economic problem?
The dichotomy between infinite desires and finite means
What do individuals, governments, and societies need to make decisions about?
Resource allocation and prioritization
What is the primary reason for the existence of economics as a social science?
To address the problem of scarcity
What is the stage of the business cycle characterized by high economic activity and increasing employment?
Prosperity
Which of the following is an exogenous reason for business cycles?
Natural disasters
What is the total demand for goods and services in the economy?
Aggregate Demand
What is the effect of business cycles on economically vulnerable populations?
They suffer the most during economic downturns
What is the primary focus of understanding business cycles?
To anticipate economic changes and implement measures to mitigate the adverse effects
What led to the establishment of structured communities and leadership hierarchies in early societies?
The accumulation of wealth and power
What is the primary focus of Monetary Economics?
The role of money in the economy
What is the approach used by economists to understand and predict economic phenomena?
Both deductive and inductive reasoning
What was the main consequence of industrialization and urbanization?
Massive urban migration, shaping modern cities and economic hubs
What is a result of specialization of labor?
Improved efficiency and productivity
What is the purpose of economic models?
To test hypotheses and make economic predictions
What is the primary effect of business cycles on economic growth?
Expansion phases lead to growth, while contraction phases lead to declines
What is the primary difference between Positive and Normative Economics?
Positive Economics is objective, while Normative Economics involves value judgments
What is the systematic approach used in economics research?
The scientific method
What is the impact of business cycles on price levels?
Inflation tends to rise during expansion and can stabilize or fall during contractions
What is the fundamental economic challenge?
The problem of scarcity
What is the difference between absolute and relative scarcity?
Absolute scarcity is when resources are insufficient, while relative scarcity is when resources are sufficient
What is an opportunity cost?
The foregone benefit of the next best alternative
What is the primary focus of Labour Economics?
Analyzing the supply and demand for labor
What is the primary challenge in economic research?
All of the above
What is the primary function of financial institutions?
To facilitate savings and provide loans
What is the term for the movement of goods and services?
Real Flow
What is the purpose of the Goods Market?
To exchange goods and services
What is the formula for the Expenditure Approach to calculate GDP?
GDP = C + I + G + (X - M)
What is the main difference between GDP and GNI?
GDP is a measure of production, while GNI is a measure of income
What is the main limitation of GDP and GNI?
All of the above
What is the purpose of per capita income calculation?
To understand the economic well-being of the average citizen
What is the characteristic of business cycles?
Alternating periods of expansion and contraction
What type of economic indicator signals future economic changes before they occur?
Leading Indicator
What is the term for data collected over successive time intervals to track economic changes?
Time Series
What is one way governments influence economic activities?
Through taxation and finance
What is a characteristic of mixed economies?
A balance between growth and social welfare
What is the primary purpose of budget allocations in a government?
To provide public services
What is a result of mechanization in production processes?
Increased output and replaced labor
Which of the following is NOT a factor of production?
Money
What is a consequence of industrialization?
Urban growth and increased economic activity
What is the primary activity of the secondary sector?
Manufacturing and processing
What is the primary function of limited liability companies?
To protect investors from losing more than their investment
What is the main difference between the formal and informal sectors?
Formal sector is registered and measured in official statistics, while informal sector is not
What is a role of trade unions?
To improve working conditions and negotiate fair wages
What is the term for the portion of income available for spending or saving after taxes?
Disposable income
What is the primary goal of sustainable economic development?
To achieve economic growth without depleting natural resources or harming human and environmental health
What is a consequence of globalization?
Economic opportunities have expanded, but economic disparities have increased
What is the primary goal of the World Trade Organization (WTO)?
To promote fair global trade practices
What is the term for the total value of goods and services produced within a country's borders?
Gross Domestic Product (GDP)
What is a characteristic of the early agricultural history of South Africa?
Predominantly agrarian economy with minimal trade
Which of the following is an example of a durable good?
Appliance
What is the primary role of households in the circular flow model?
To provide labor and receive income
What is a factor that promoted industrial development in South Africa?
Government incentives and entrepreneurial immigrants
What is the main purpose of regulatory measures in promoting sustainable development?
To ban environmentally harmful activities
What has driven the growth of the service sector in South Africa's economy since 1994?
Globalization, technological advancements, and infrastructure improvements
What is a major challenge facing the South African labour force?
Youth unemployment
What has impacted life expectancy and demographic patterns in South Africa?
The HIV/AIDS epidemic
What is a result of inadequate education and skills training in South Africa?
High unemployment rates
What is a shift observed in the South African labour force?
From primary sectors to services and finance
What is a policy implication of the labour force trends in South Africa?
Enhancing education and skills training
What is a characteristic of South Africa's population growth?
Rapid growth
What is a factor influencing population growth in South Africa?
Fertility rates and migration
What is a consequence of urbanization in South Africa?
Increased infrastructure demands
What is a challenge in employment in South Africa?
Limited development of the informal sector
Which branch of economics deals with the role of money in the economy?
Monetary Economics
What is the primary goal of economic models?
To test hypotheses and make economic predictions
Which approach involves developing hypotheses based on existing theories and testing them against empirical data?
Deductive reasoning
What is the term for a good that is naturally available without cost?
Free Good
What is the primary focus of Developmental Economics?
Policies that promote economic development in less developed countries
What is the primary difference between Positive and Normative Economics?
Positive Economics focuses on describing and predicting economic phenomena, while Normative Economics involves value judgments
What is the primary challenge in economic research?
Dealing with human behaviors that are diverse and difficult to predict
What is the term for the foregone benefit of the next best alternative when a choice is made?
Opportunity Cost
What is the primary focus of International Economics?
International trade and finance
What is the primary focus of Public Sector Economics?
The economic activities of government
What is the primary reason for the existence of economics as a social science?
To allocate resources to satisfy unlimited wants and needs
Which economic question deals with deciding who will receive the products and services created?
For whom to produce?
Which branch of economics focuses on the overall functioning of an economy?
Macroeconomics
What is the primary reason for the fundamental economic problem?
Resources are finite
What is the primary focus of economics?
To allocate resources to satisfy unlimited wants and needs
What is the primary challenge in resource allocation?
Balancing the fulfillment of diverse needs against available financial capacities
Which economic question deals with deciding which goods and services should be produced?
What to produce?
What is the primary focus of microeconomics?
The decisions of individuals and firms
What is the primary function of entrepreneurship in the four factors of production?
To combine the other three factors to create goods and services
What is the main difference between the primary and secondary sectors of the economy?
Extraction of natural resources vs. manufacturing and processing
What is the primary goal of sustainable development?
To achieve economic growth without depleting natural resources or harming human and environmental health
What is the term for the portion of income available for spending or saving after taxes?
Disposable income
What is the main role of governments in the economy?
To invest in public goods and services that benefit society as a whole
What is the primary function of the tertiary sector of the economy?
To provide services rather than goods
What is the main difference between the formal and informal sectors of the economy?
Registration of businesses and inclusion in official statistics
What is the primary function of the public sector of the economy?
To provide public goods and services that benefit society as a whole
What is the primary focus of the circular flow model?
To explain the dynamics of the economy through a circular flow model
What is the primary role of households in the circular flow model?
To provide labor and receive income used to purchase goods and services
What has driven the growth of the service sector in South Africa since 1994?
Globalization, technological advancements, and infrastructure improvements
What is a significant challenge facing the South African economy?
All of the above
What is the estimated population of South Africa by 2010?
50 million
What has led to urbanization in South Africa?
Economic development
What has impacted life expectancy and demographic patterns in South Africa?
HIV/AIDS epidemic
What is a significant challenge facing the South African labour force?
Skills and education
What has led to a shift in the South African labour force?
From primary sectors to services
What is a challenge in employment in South Africa?
Limited development of the informal sector
What is the primary function of financial institutions?
To facilitate savings and provide loans
What is a critical need for policy-making in South Africa?
Enhancing education and skills training
What is essential for accommodating growing populations in urban areas?
Effective urban planning and improved infrastructure
What is the term for the movement of money in exchange for goods, services, and labor?
Monetary Flow
What is the primary focus of the Goods Market?
To exchange goods and services
What is the formula for the Expenditure Approach to calculate GDP?
GDP = C + I + G + (X - M)
What is the main difference between GDP and GNI?
GDP focuses on production, while GNI focuses on income
What is the purpose of per capita income calculation?
To provide an average income per person
What is the characteristic of business cycles?
Alternating periods of expansion and contraction
What type of economic indicator signals future economic changes before they occur?
Leading Indicator
What is the term for data collected over successive time intervals to track economic changes?
Time Series
What is the primary focus of understanding business cycles?
To understand the causes of business cycles
What is the phase of the business cycle characterized by a downturn in economic growth and employment?
Recession
What is an example of an exogenous reason for business cycles?
Natural disasters
What is the total supply of goods and services available in the economy?
Aggregate Supply
What is the impact of business cycles on employment?
Job creation increases during booms and decreases during recessions
What is the primary focus of understanding business cycles?
Anticipating economic changes and implementing measures to mitigate the adverse effects
What is the characteristic of economically vulnerable populations during economic downturns?
They are more affected by economic downturns
What is the result of specialization of labor?
Improved efficiency and productivity
What led to the establishment of structured communities and leadership hierarchies in early societies?
Accumulation of wealth and power
What is the main consequence of industrialization and urbanization?
Massive urban migration and shaping of modern cities
What is the primary focus of economic growth and development?
Improving the standard of living and economic well-being
What is the primary role of governments in the economy?
To provide public services and infrastructure through taxation
What is a characteristic of mixed economies?
Combination of government control and free market
What has been the impact of mechanization on production processes?
It has greatly increased output
What has been the consequence of urbanization?
An increase in economic activity
What is the primary role of limited liability companies?
To protect investors from losing more than their investment
What is the primary purpose of trade unions?
To improve working conditions and negotiate fair wages
What has been the impact of globalization on developing countries?
It has contributed to economic disparities between developed and developing nations
What is the primary goal of the World Trade Organization (WTO)?
To promote fair global trade practices
What is the characteristic of economic development in South Africa during the Agricultural-Mining Phase?
The discovery of diamonds and gold transformed the economy
What has been the impact of industrialization on economic growth?
It has led to an increase in economic growth
What is the primary reason for the existence of the economic problem?
Human wants are unlimited, but resources are limited
What is the focus of microeconomics?
The decisions of individuals and firms
Which of the following is a primary economic question?
What to produce?
What is the focus of macroeconomics?
The overall functioning of an economy
What is the result of the fundamental economic problem?
Choice and allocation of resources
Why do individuals, governments, and societies need to make decisions about resource allocation?
Because resources are limited, and human wants are unlimited
What is the primary goal of economic decision-making?
To distribute resources efficiently
What is the core challenge in economics?
Scarcity
What is the primary function of entrepreneurship?
To combine the other three factors of production to create goods and services
What is the main characteristic of the tertiary sector?
Provides services rather than goods
What is the primary purpose of government regulatory measures?
To curb environmentally harmful activities
What is the primary difference between the formal and informal sectors?
One is registered, and the other is not
What is the primary goal of sustainable economic development?
To conduct economic growth without harming the environment or human health
What is the primary function of the public sector?
To invest in public goods and services that benefit society
What is the primary purpose of exchange rates?
To facilitate international trade
What is the primary characteristic of durable goods?
They are long-lasting
What is the primary function of businesses in the circular flow model?
To hire labor and produce goods and services
What is the primary purpose of disposable income?
To spend on goods and services or save
Which branch of economics focuses on the economic activities of government and its role in the economy?
Public Sector Economics
What type of economics involves value judgments and subjective perspectives on what the economy should be like?
Normative Economics
What is the term for the limited availability of resources that leads to the necessity of making choices?
Scarcity
What is the purpose of economic models?
To understand and predict economic phenomena
What is the approach used by economists to understand and predict economic phenomena?
Both deductive and inductive reasoning
What is the primary focus of International Economics?
International trade and finance
What is the term for the benefit of the next best alternative when a choice is made?
Opportunity Cost
What is the primary challenge in economic research?
Dealing with human behaviors that are diverse and difficult to predict
What is the primary focus of Labour Economics?
The supply and demand for labour
What is the term for goods that are naturally available without cost?
Free Goods
What is the primary function of financial institutions in an economy?
To facilitate savings and provide loans
What is the term for the movement of goods and services in an economy?
Real Flow
What is the purpose of the Goods Market in an economy?
To exchange goods and services
What is the formula for the Expenditure Approach to calculate GDP?
GDP = C + I + G + (X - M)
What is the main difference between GDP and GNI?
GDP focuses on production within the country, while GNI focuses on income earned by nationals
What is the primary limitation of GDP and GNI?
All of the above
What is the purpose of per capita income calculation?
To understand the economic well-being of the average citizen
What is the characteristic of business cycles?
They are alternating periods of expansion and contraction
What type of economic indicator signals future economic changes before they occur?
Leading Indicator
What is the term for data collected over successive time intervals to track economic changes?
Time Series
What is the primary phase of the business cycle characterized by peak economic performance?
Boom
What is the term for the total supply of goods and services available in the economy?
Aggregate Supply
Which of the following is an internal economic factor influencing business cycles?
Fluctuations in investment
What is the primary effect of business cycles on employment?
Job creation during booms
What is the primary consequence of industrialization and urbanization?
Massive urban migration
What is the primary focus of understanding business cycles in economic planning?
Anticipating economic changes
What is the primary characteristic of economically vulnerable populations during business cycles?
Reduced income and higher unemployment rates
What is the primary effect of specialization of labor?
Improved efficiency and productivity
What is the primary reason for the growth of towns and mercantile law?
Expansion of trade
What is the primary effect of business cycles on economic growth?
Expansion during booms and contraction during recessions
What has been the main driver of the growth of the service sector in South Africa since 1994?
Globalization and infrastructure improvements
What is the estimated population of South Africa by 2010?
50 million
What is the primary impact of the HIV/AIDS epidemic on South Africa's population growth rate?
Slowed natural growth rate
What is a significant challenge facing the South African labour force?
High youth unemployment
What is the primary reason for the shift from primary sectors to services and finance in South Africa?
Globalization and technological advancements
What is the primary challenge in employment in South Africa?
All of the above
What is the primary need for policy-making in South Africa?
All of the above
What is the primary factor influencing population growth in South Africa's rural areas?
Socio-economic conditions
What is the primary impact of urbanization on South Africa's economy?
Shift from primary sectors to services and finance
What is the primary purpose of understanding population and labour force trends in South Africa?
To inform policy-making and economic planning
What is the main purpose of taxation in governments?
To fund public services and infrastructure
What is the result of mechanization in production processes?
Increased output and replaced labor
What is the primary function of limited liability companies?
To protect investors from losing more than their investment
What is the primary role of trade unions?
To improve working conditions and negotiate fair wages
What is the primary impact of globalization on developing countries?
Economic disparities between developed and developing nations
What is the primary goal of the World Trade Organization (WTO)?
To promote fair global trade practices
What is the characteristic of mixed economies?
Combination of free markets and government control
What is the primary consequence of urbanization?
Concentration of economic activity and resources in urban areas
What is the primary role of financial institutions?
To facilitate economic growth
What is the primary benefit of understanding the historical context of global economies?
To gratify the complex interactions between economic growth, development, and globalization
What is the main reason for the existence of economics as a social science?
To allocate limited resources to satisfy unlimited wants and needs
Which branch of economics examines how individuals and firms interact in the market?
Microeconomics
What is the primary economic question related to deciding who will receive the products and services created?
For whom to produce?
What is the main characteristic of the economic problem?
Limited resources and unlimited wants
Which branch of economics addresses broad issues like unemployment, inflation, and economic growth?
Macroeconomics
What is the primary challenge in making economic decisions?
Scarcity of resources
What do individuals, governments, and societies continuously make decisions about?
How to allocate resources
What is the primary reason for the importance of economics in society?
To allocate limited resources to satisfy unlimited wants and needs
What is the primary sector involved in?
Extraction of natural resources
What is entrepreneurship in the context of the four factors of production?
Individuals who combine the other three factors to create goods and services
What is the term for intangible products like banking and healthcare?
Services
What sector provides public goods and services that benefit society as a whole?
Government
What is the purpose of supportive measures in achieving sustainable development?
To provide subsidies and incentives for environmentally friendly practices
What is the primary function of the tertiary sector?
Provides services rather than goods
What is the primary goal of budget allocations in a government?
To allocate resources effectively
What is the term for the portion of income available for spending or saving after taxes?
Disposable income
What is the main difference between the formal and informal sectors?
Formal sector includes registered businesses, while informal sector includes unregistered businesses
What is the primary focus of sustainable economic development?
Economic growth conducted without depleting natural resources or harming human and environmental health
What is the primary focus of Developmental Economics?
The policies that promote economic development in less developed countries
Which type of economics involves value judgments and subjective perspectives?
Normative Economics
What is the primary purpose of economic models?
To describe and predict economic phenomena
What is the main difference between absolute and relative scarcity?
Absolute scarcity occurs when resources are insufficient to produce a good, while relative scarcity exists when resources are sufficient but inaccessible to most due to economic constraints
What is the primary challenge in economic research?
Dealing with human behaviors that are diverse and difficult to predict
What is the primary focus of Environmental Economics?
The economic issues with environmental implications
What is the primary focus of International Economics?
The study of international trade and finance
What is the primary purpose of deductive reasoning in economics?
To develop hypotheses based on existing theories
What is the primary focus of Public Sector Economics?
The economic activities of government
What is the primary characteristic of economic goods?
They require scarce resources to produce
What is the primary function of financial institutions in an economy?
To facilitate savings and provide loans
Which of the following flows represents the movement of goods and services?
Real Flow
What is the primary purpose of the Goods Market?
To exchange goods and services
What is the formula for the Expenditure Approach to calculate GDP?
GDP = C + I + G + (X - M)
What is the primary difference between GDP and GNI?
GDP measures production within a country, while GNI measures income earned by a country's nationals
What is the primary limitation of GDP and GNI?
All of the above
What is the primary purpose of per capita income calculation?
To measure the average income per person
What type of economic indicator signals future economic changes before they occur?
Leading Indicator
What is the term for data collected over successive time intervals to track economic changes?
Time Series
What is the characteristic of business cycles?
They are cyclical and unpredictable
What has been the main driver of South Africa's economic growth since 1994?
Service sector
What is the estimated population of South Africa by 2010?
50 million
What is the main factor affecting South Africa's demographic patterns?
HIV/AIDS epidemic
What is the main challenge in the South African labour force?
Age composition and unemployment
What is the main reason for the shift from primary sectors to services and finance in South Africa?
Economic development
Which provinces have the highest population percentages in South Africa?
Gauteng and Kwazulu-Natal
What is the primary need for policies to address the challenges in the South African labour force?
Education and training
What is the impact of urbanization on social services and infrastructure in South Africa?
Increased demand
What is the main challenge in addressing the informal sector in South Africa?
Limited development
What is the primary focus of policy-making in relation to population and labour force trends in South Africa?
Economic growth and development
What is the phase of the business cycle characterized by decreasing economic growth and output?
Recession
Which of the following is an internal economic factor influencing business cycles?
Fluctuations in investment
What is the term for the total supply of goods and services available in the economy?
Aggregate Supply
What is the primary purpose of taxation in economies?
To fund public services and infrastructure
What is the main effect of mechanization on employment patterns?
Replacement of labor
What is the impact of business cycles on employment opportunities?
Job creation increases during booms and decreases during recessions
What is the primary function of financial institutions in economies?
To manage savings and provide loans
Which of the following groups is disproportionately affected by business cycles?
Economically vulnerable populations
What is the primary focus of understanding business cycles?
Anticipating economic changes
What is a characteristic of mixed economies?
Combination of government control and free market
What is the primary role of trade unions in economies?
To improve working conditions and negotiate fair wages
What led to the development of language and writing in early societies?
The need for trade and commerce
What is the result of specialization of labor?
An improvement in productivity
What is the primary consequence of urbanization?
Concentration of economic activity and resources in urban areas
What is the consequence of industrialization and urbanization?
A shift from agrarian to industrial economies
What is the primary goal of the World Trade Organization (WTO)?
To promote fair trade practices globally
What is the primary effect of globalization on developing countries?
Economic disparities and imbalances
What is the primary focus of economic growth and development?
Improving standards of living
What is the primary function of limited liability companies?
To protect investors from losing more than their investment
What is the primary characteristic of industrial development?
Shift towards industrialization and technological advances
What is the reason for the existence of the economic problem?
Human wants are unlimited and resources are limited
Which branch of economics focuses on the overall functioning of an economy?
Macroeconomics
What is the primary goal of economic decisions in resource allocation?
To distribute resources efficiently
What is the focus of microeconomics?
The decisions of individuals and firms
What are the three primary economic questions?
What to produce, how to produce, and for whom to produce
What is the definition of economics?
The study of how individuals and businesses make decisions to allocate scarce resources to satisfy their unlimited wants and needs
What is the relationship between human wants and resources?
Human wants are unlimited and resources are limited
Why do individuals, governments, and societies need to make decisions about resource allocation?
Because resources are finite and human wants are infinite
What is the primary focus of Developmental Economics?
Policies that promote economic development in less developed countries
Which branch of economics focuses on the supply and demand for labour and how they affect wage levels and employment?
Labour Economics
What is the term for the benefit of the next best alternative when a choice is made?
Opportunity cost
Which type of economics involves value judgments and subjective perspectives on what the economy should be like?
Normative Economics
What is the primary approach used by economists to understand and predict economic phenomena?
Deductive and inductive reasoning
What is the primary focus of International Economics?
International trade and finance
What is the term for the resources that are naturally available without cost?
Free goods
What is the purpose of economic models?
To help understand and predict the interactions and outcomes of economic actions
What is the primary difference between absolute and relative scarcity?
One is related to the availability of resources and the other is related to economic constraints
What is the primary challenge in economic research?
Dealing with human behaviors that are diverse and difficult to predict
What is the primary sector of the economy involved in?
Extraction of natural resources
What is the term for intangible products like banking and healthcare?
Services
What is the term for the portion of income available for spending or saving after taxes?
Disposable income
What is the role of entrepreneurship in the factors of production?
Combining the other three factors
What is the main difference between the formal and informal sectors?
Formal sector is registered, while informal sector is unregistered
What is the primary goal of sustainable economic development?
Conducting economic growth without depleting natural resources
What is the term for businesses owned by individuals or corporations?
Private sector
What is the primary activity of the secondary sector?
Manufacturing and processing
What is the term for goods that are long-lasting?
Durable goods
What is the primary role of government in the economy?
All of the above
What is the primary function of financial institutions in the economy?
To provide loans and facilitate savings
What are the two main flows in the economy?
Monetary and Real Flow
What is the purpose of the Goods Market?
To exchange goods and services
What is GDP?
The total market value of all final goods and services produced within a country's borders
What is the Expenditure Approach to calculate GDP?
C + I + G + (X - M)
What is the main difference between GDP and GNI?
GDP measures production within the country, while GNI measures income earned by nationals
What is the purpose of per capita income calculation?
To understand the average income per person in a country
What is the characteristic of business cycles?
They are characterized by alternating periods of expansion and contraction
What type of economic indicator signals future economic changes before they occur?
Leading Indicator
What is the term for data collected over successive time intervals to track economic changes?
Time Series
What characterizes the prosperity phase of the business cycle?
High economic activity, increasing employment, and wages
Which of the following is an endogenous reason for business cycles?
Fluctuations in investment
What is the primary purpose of government taxation?
To fund public services and infrastructure
What is a characteristic of mixed economies?
Balance between government control and market freedom
What is the total supply of goods and services available in the economy?
Aggregate Supply
What is the impact of business cycles on employment?
Job creation increases during booms
What is the primary effect of mechanization in production processes?
Increased output and replaced labor
What is the primary focus of economic growth and development?
Improving standards of living
What is the primary role of financial institutions?
To facilitate economic growth by managing savings and providing loans
What is a consequence of urbanization?
Concentrated economic activity and resources in urban areas
What led to the establishment of structured communities and leadership hierarchies in early societies?
Accumulation of wealth and power
What is the result of specialization of labor?
Improved efficiency and productivity
What is the primary goal of trade unions?
To improve working conditions and negotiate fair wages
What is a characteristic of multinational corporations?
They operate in multiple countries and have a significant impact on global markets
What is the primary effect of business cycles on economic growth?
Expansion phases lead to growth
What is the primary goal of the World Trade Organization (WTO)?
To regulate international trade and promote fair trade practices
What is the impact of business cycles on economically vulnerable populations?
They are disproportionately affected by economic downturns
What is a result of globalization?
Economic opportunities have expanded, but also contributed to economic disparities
What is the primary focus of understanding business cycles?
Economic planning and policymaking
What is the primary role of limited liability companies?
To protect investors from losing more than their investment
What has driven the growth of the service sector in South Africa's economy?
Globalization and technological advancements
What is a major challenge facing South Africa's economy?
Brain drain and crime
What is the current trend in South Africa's population growth?
Rapid growth
What is the impact of HIV/AIDS on South Africa's population?
Decreased population growth rate
What is a significant challenge facing South Africa's labour force?
Youth unemployment
What is the primary reason for the shift from primary sectors to services and finance in South Africa's economy?
Economic development
What is the impact of the informal sector on employment in South Africa?
It has limited development and contributes to employment challenges
What is a policy implication for addressing South Africa's economic challenges?
Enhancing education and skills training
What is a challenge facing urban planning and infrastructure in South Africa?
Accommodating growing populations and reducing urban sprawl
What is the primary goal of policy-making and economic planning in South Africa?
To address inequality and resource distribution
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