June P1 Hard
190 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary function of natural resources in driving economic development?

  • To generate income for resource owners
  • To underpin international trade
  • To provide raw materials for goods and services (correct)
  • To provide employment opportunities

    • What determines the payment associated with natural resources?

  • Geographic location
  • Demand for the resource and its quality
  • Climate and technological advancements
  • All of the above (correct)

    • What is a characteristic of labor in the production process?

  • It is storable
  • It varies in skill level (correct)
  • It is easily substitutable
  • It is non-renewable

    • What is the primary reason for the uneven distribution of natural resources across regions?

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

    What is a factor that affects labor supply?

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

    What is the form of remuneration received by labor in a market system?

    <p>Wages and benefits</p> Signup and view all the answers

    What is a characteristic of natural resources?

    <p>They vary in availability and renewability</p> Signup and view all the answers

    Why is a skilled workforce crucial for production and economic growth?

    <p>Because productivity is heavily reliant on the level of skills and education</p> Signup and view all the answers

    What is the primary goal of initiatives like ASGISA and the New Economic Growth Path?

    <p>To enhance growth, competitiveness, and employment</p> Signup and view all the answers

    What is the primary characteristic of the primary sector?

    <p>It provides essential raw materials and energy</p> Signup and view all the answers

    What was the impact of apartheid policies on the primary sector?

    <p>They restricted training and job opportunities for black individuals</p> Signup and view all the answers

    What is the primary importance of the secondary sector?

    <p>It produces consumer and capital goods</p> Signup and view all the answers

    What is the primary goal of the Black Economic Empowerment Act and the Employment Equity Act?

    <p>To promote equal opportunities and access for black individuals</p> Signup and view all the answers

    What is the primary importance of infrastructure in South Africa?

    <p>It is essential for economic competitiveness</p> Signup and view all the answers

    What is the primary challenge facing South Africa's energy sector?

    <p>Underinvestment in new power sources</p> Signup and view all the answers

    What is the primary contribution of the tertiary sector to the economy?

    <p>It is the dominant contributor to GDP</p> Signup and view all the answers

    What is the primary goal of enhancing international competitiveness in South Africa?

    <p>To maintain stable exchange rates</p> Signup and view all the answers

    What is the primary difference between the Income Method and the Expenditure Method of calculating GDP?

    <p>The Income Method focuses on production, while the Expenditure Method focuses on consumption.</p> Signup and view all the answers

    What is the primary characteristic of the transport network in South Africa?

    <p>It is extensive and facilitates domestic and international trade</p> Signup and view all the answers

    What is the main advantage of a market economy?

    <p>Efficient production and innovation driven by profit motives.</p> Signup and view all the answers

    What is a characteristic of a centrally planned economy?

    <p>State ownership of resources.</p> Signup and view all the answers

    What is the main advantage of a mixed economy?

    <p>Balances freedom of market operations with government oversight.</p> Signup and view all the answers

    What is Gross National Income (GNI) equal to?

    <p>GDP plus net income from abroad.</p> Signup and view all the answers

    What is the primary role of the government in South Africa's mixed economy?

    <p>To provide social services and promote economic growth.</p> Signup and view all the answers

    What is a disadvantage of South Africa's mixed economy?

    <p>Persistent issues with poverty and inequality.</p> Signup and view all the answers

    What is Gross Fixed Capital Formation (I) a reflection of?

    <p>Total investment in physical assets for future production.</p> Signup and view all the answers

    What is a characteristic of a market economy?

    <p>Predominantly private ownership of production factors.</p> Signup and view all the answers

    What does the Expenditure Method of calculating GDP include?

    <p>C + I + G + (X - Z).</p> Signup and view all the answers

    What is the primary factor that influences wage levels?

    <p>Demand for specific labor types and broader economic conditions</p> Signup and view all the answers

    What is the term used to describe the return on invested funds in capital?

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

    What is the primary role of entrepreneurs in economic systems?

    <p>To generate wealth, create jobs, and foster competition</p> Signup and view all the answers

    What is the term used to describe the total value of all final goods and services produced within a country's borders in a specific time period?

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

    What is the term used to describe the process of mobilizing resources, investing in capital, and employing labor?

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

    What is the term used to describe the goods and services that are used as inputs in the production of other goods?

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

    What is the term used to describe the total spending by households on non-durable, semi-durable, and durable goods as well as services?

    <p>Consumption (C)</p> Signup and view all the answers

    What is the term used to describe the economic transactions that occur between different sectors of the economy?

    <p>Circular Flow of Goods and Services</p> Signup and view all the answers

    What is the term used to describe the economic concepts that illustrate how capital affects productivity and economic output?

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

    What is the primary reward for entrepreneurship?

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

    Which of the following factors of production is categorized into renewable and non-renewable types?

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

    What is the primary reason for the importance of natural resources in driving economic development?

    <p>Providing raw materials for goods and services</p> Signup and view all the answers

    What is a characteristic of labor that affects its supply?

    <p>Time required for training</p> Signup and view all the answers

    What is the form of remuneration typically received by natural resources in a market system?

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

    What is the primary characteristic of entrepreneurship as a factor of production?

    <p>Risk-taking and innovation</p> Signup and view all the answers

    What is the primary way in which labor contributes to economic growth?

    <p>Through productivity reliant on the level of skills and education</p> Signup and view all the answers

    What is a common challenge faced in the management of natural resources?

    <p>Sustainable management</p> Signup and view all the answers

    What is the primary difference between skilled, semi-skilled, and unskilled labor?

    <p>Level of skills and training</p> Signup and view all the answers

    Which of the following is NOT a characteristic of capital?

    <p>It is a type of labor</p> Signup and view all the answers

    What is the primary role of entrepreneurs in the economy?

    <p>To initiate and manage businesses, identifying new opportunities and innovatively combining production factors</p> Signup and view all the answers

    Which sector is responsible for extracting and harvesting natural resources in South Africa's economy?

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

    What is the primary goal of initiatives like ASGISA and the New Economic Growth Path in South Africa?

    <p>To enhance growth, competitiveness, and employment</p> Signup and view all the answers

    What is the circular flow of goods and services?

    <p>A model that highlights the interdependence between different sectors and agents in the economic system</p> Signup and view all the answers

    What is the term used to describe the total value of all final goods and services produced within a country's borders in a specific time period?

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

    Which sector is the largest contributor to South Africa's GDP?

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

    What is the primary reward for entrepreneurship?

    <p>Profit, which compensates for the risks and efforts involved in starting and running a business</p> Signup and view all the answers

    What is the primary importance of South Africa's infrastructure?

    <p>To facilitate international trade</p> Signup and view all the answers

    What was the impact of apartheid policies on the tertiary sector?

    <p>Restricted ownership of businesses and property</p> Signup and view all the answers

    What is the term used to describe the economic concepts that illustrate how capital affects productivity and economic output?

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

    What is the term used to describe the goods and services that are used as inputs in the production of other goods?

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

    What is the primary characteristic of the primary sector?

    <p>Extraction and harvesting of natural resources</p> Signup and view all the answers

    What is the term used to describe the total spending by households on non-durable, semi-durable, and durable goods as well as services?

    <p>Consumption (C)</p> Signup and view all the answers

    What is the primary importance of the primary sector?

    <p>Provides essential raw materials and energy</p> Signup and view all the answers

    What is the primary goal of enhancing international competitiveness in South Africa?

    <p>To produce high-quality, competitively priced goods</p> Signup and view all the answers

    What is the primary factor that influences wage levels?

    <p>The demand for specific labor types and the broader economic conditions</p> Signup and view all the answers

    What is the term used to describe the process of mobilizing resources, investing in capital, and employing labor?

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

    What is the primary challenge facing South Africa's energy sector?

    <p>Underinvestment in new power sources</p> Signup and view all the answers

    What is the primary importance of the secondary sector?

    <p>Produces consumer and capital goods</p> Signup and view all the answers

    What is the primary difference between a market economy and a centrally planned economy?

    <p>Economic freedom and competition among businesses versus centralized decision-making and planning</p> Signup and view all the answers

    What is the primary advantage of a mixed economy?

    <p>Promotes economic growth while aiming to improve social welfare</p> Signup and view all the answers

    What is the primary role of the government in South Africa's mixed economy?

    <p>Providing social services to improve public welfare</p> Signup and view all the answers

    What is the primary characteristic of Gross Fixed Capital Formation (I)?

    <p>Total investment in physical assets used in future production</p> Signup and view all the answers

    What is the primary importance of the circular flow model?

    <p>It provides insights into the effects of various sectors on economic growth and stability</p> Signup and view all the answers

    What is the primary factor that influences the allocation of resources in a market economy?

    <p>Supply and demand forces</p> Signup and view all the answers

    What is the primary disadvantage of a market economy?

    <p>Potential for significant inequalities in income and wealth distribution</p> Signup and view all the answers

    What is the primary role of entrepreneurs in economic systems?

    <p>To respond to supply and demand forces to decide what, how, and for whom to produce</p> Signup and view all the answers

    What is the primary characteristic of Gross National Income (GNI)?

    <p>GDP plus net income from abroad</p> Signup and view all the answers

    What is the primary advantage of the Expenditure Method of calculating GDP?

    <p>It provides a more comprehensive picture of economic activity</p> Signup and view all the answers

    What is the primary reason why natural resources are essential for production?

    <p>They drive economic development by providing raw materials.</p> Signup and view all the answers

    What is the primary factor that influences the payment associated with natural resources?

    <p>Demand for the resource.</p> Signup and view all the answers

    What is the primary characteristic of labor that affects its supply?

    <p>The time required for training.</p> Signup and view all the answers

    What is the primary form of remuneration received by labor in a market system?

    <p>Wages.</p> Signup and view all the answers

    What is the primary characteristic of entrepreneurship as a factor of production?

    <p>It is responsible for mobilizing resources.</p> Signup and view all the answers

    What is the primary way in which labor contributes to economic growth?

    <p>Through productivity.</p> Signup and view all the answers

    What is a common challenge faced in the management of natural resources?

    <p>Sustainable management.</p> Signup and view all the answers

    What is the primary difference between skilled, semi-skilled, and unskilled labor?

    <p>Level of skill.</p> Signup and view all the answers

    In South Africa's economy, which sector is responsible for producing consumer and capital goods?

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

    What is a major challenge facing South Africa's energy sector?

    <p>Insufficient emphasis on renewable energy</p> Signup and view all the answers

    Which of the following is a characteristic of the tertiary sector in South Africa's economy?

    <p>Provides essential services to businesses and individuals</p> Signup and view all the answers

    What is the primary goal of initiatives like ASGISA and the New Economic Growth Path in South Africa?

    <p>To enhance international competitiveness</p> Signup and view all the answers

    What is a major impact of apartheid policies on the primary sector in South Africa?

    <p>Deprivation of land ownership and equal opportunities among black South Africans</p> Signup and view all the answers

    What is a primary importance of the secondary sector in South Africa's economy?

    <p>Produces consumer and capital goods</p> Signup and view all the answers

    What is a primary characteristic of the primary sector in South Africa's economy?

    <p>Involves the extraction and harvesting of natural resources</p> Signup and view all the answers

    What is the primary importance of the tertiary sector in South Africa's economy?

    <p>Dominant contributor to GDP</p> Signup and view all the answers

    What is the primary goal of Black Economic Empowerment (BEE) in South Africa?

    <p>To improve access and equity in the economy</p> Signup and view all the answers

    What is the primary importance of infrastructure in South Africa's economy?

    <p>Facilitates domestic and international trade, boosting GDP and employment</p> Signup and view all the answers

    What is the primary reason why capital widening and deepening are essential concepts in understanding economic growth?

    <p>To demonstrate how capital affects productivity and economic output</p> Signup and view all the answers

    Which of the following is NOT a characteristic of entrepreneurship?

    <p>Providing labor to households</p> Signup and view all the answers

    What is the primary difference between Gross Domestic Product (GDP) and Gross National Income (GNI)?

    <p>GDP measures the total value of goods and services produced within a country's borders, while GNI measures the total value of goods and services produced by a country's citizens, regardless of location</p> Signup and view all the answers

    What is the primary role of government in the circular flow of goods and services?

    <p>To collect taxes and redistribute income through spending and transfers</p> Signup and view all the answers

    What is the primary purpose of the Value Added Method in calculating GDP?

    <p>To sum the value added at each stage of production</p> Signup and view all the answers

    What is the primary advantage of using the Expenditure Method to calculate GDP?

    <p>It allows for a more comprehensive understanding of the expenditure patterns of different sectors.</p> Signup and view all the answers

    What is the primary characteristic of intermediate goods?

    <p>They are used as inputs in the production of other goods</p> Signup and view all the answers

    Which of the following is a characteristic of a mixed economy?

    <p>Coexistence of private and public sectors with government intervention.</p> Signup and view all the answers

    What is the primary purpose of Gross Fixed Capital Formation (I) in the Expenditure Method?

    <p>To reflect the total investment in physical assets for future production.</p> Signup and view all the answers

    What is the primary component of the circular flow of goods and services that represents the total spending by households on non-durable, semi-durable, and durable goods as well as services?

    <p>Consumption (C)</p> Signup and view all the answers

    What is the primary reward for entrepreneurship in a market system?

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

    What is the primary advantage of a market economy?

    <p>Efficient production and innovation driven by profit motives.</p> Signup and view all the answers

    What is the primary economic concept that illustrates how capital affects productivity and economic output?

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

    What is the primary difference between GDP and GNI?

    <p>GDP includes only domestic production, while GNI includes both domestic and foreign production.</p> Signup and view all the answers

    Which of the following is a disadvantage of a mixed economy?

    <p>Persistent issues with poverty and inequality.</p> Signup and view all the answers

    What is the primary characteristic of capital that is essential for economic growth?

    <p>It is a factor of production that is necessary for production and sustains production capabilities</p> Signup and view all the answers

    What is the primary role of the government in South Africa's mixed economy?

    <p>To promote economic growth through efficient economic services.</p> Signup and view all the answers

    What is the primary characteristic of a centrally planned economy?

    <p>State ownership of resources and centralized decision-making.</p> Signup and view all the answers

    What is the primary importance of understanding the circular flow in an economy?

    <p>It helps in understanding the effects of various sectors on economic growth and stability.</p> Signup and view all the answers

    What is the primary difference between the private and public sectors in a mixed economy?

    <p>The private sector is responsible for promoting economic growth, while the public sector is responsible for providing social services.</p> Signup and view all the answers

    What is the primary distinction between natural resources and labor?

    <p>One is storable, while the other is non-storable</p> Signup and view all the answers

    Which of the following is a consequence of the uneven distribution of natural resources?

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

    What is the primary influence on labor productivity?

    <p>Level of skills and education</p> Signup and view all the answers

    Which of the following is a characteristic of entrepreneurship as a factor of production?

    <p>Innovative and risk-taking</p> Signup and view all the answers

    What is the primary consequence of a lack of sustainable management of natural resources?

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

    What is the primary form of remuneration received by labor in a market system?

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

    Which of the following is a characteristic of capital as a factor of production?

    <p>Man-made</p> Signup and view all the answers

    What is the primary reason natural resources are essential for production?

    <p>They provide raw materials for goods and services</p> Signup and view all the answers

    Which of the following is a characteristic of a mixed economy?

    <p>Coexistence of private and public sectors</p> Signup and view all the answers

    What is the primary advantage of a market economy?

    <p>Efficient production and innovation driven by profit motives</p> Signup and view all the answers

    What is the primary role of the government in South Africa's mixed economy?

    <p>Promoting economic growth through efficient economic services</p> Signup and view all the answers

    What is Gross Fixed Capital Formation (I) a reflection of?

    <p>Total investment in physical assets that will be used in future production</p> Signup and view all the answers

    What is the primary importance of understanding the circular flow?

    <p>It provides insights into how money and goods circulate within an economy</p> Signup and view all the answers

    What is the primary advantage of a centrally planned economy?

    <p>Even distribution of income</p> Signup and view all the answers

    What is the primary disadvantage of South Africa's mixed economy?

    <p>Persistent issues with poverty and inequality</p> Signup and view all the answers

    What does the Expenditure Method of calculating GDP include?

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

    What is Gross National Income (GNI) equal to?

    <p>GDP plus net income from abroad</p> Signup and view all the answers

    What is the primary role of entrepreneurs in economic systems?

    <p>To respond to the forces of supply and demand</p> Signup and view all the answers

    What is the primary function of capital in sustaining production capabilities?

    <p>To match growth in labor and manage depreciation</p> Signup and view all the answers

    Which economic concept illustrates how capital affects productivity and economic output?

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

    What is the primary reward for entrepreneurship?

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

    What is the term used to describe the total value of all final goods and services produced within a country's borders in a specific time period?

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

    What is the primary role of entrepreneurs in economic systems?

    <p>To initiate and manage business ventures</p> Signup and view all the answers

    What is the term used to describe the goods and services that are used as inputs in the production of other goods?

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

    What is the term used to describe the total spending by households on non-durable, semi-durable, and durable goods as well as services?

    <p>Consumption (C)</p> Signup and view all the answers

    What is the primary role of government in the circular flow of goods and services?

    <p>To collect taxes and influence consumption and production</p> Signup and view all the answers

    What is the term used to describe the process of mobilizing resources, investing in capital, and employing labor?

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

    What is the primary factor that influences wage levels?

    <p>The demand for specific labor types</p> Signup and view all the answers

    Which sector in South Africa's economy has been the most dominant contributor to GDP, and has a historical context of discrimination and exclusion, particularly during the apartheid era?

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

    What has been the primary goal of initiatives like ASGISA and the New Economic Growth Path in South Africa?

    <p>To enhance growth, competitiveness, and employment</p> Signup and view all the answers

    What has been the primary challenge facing South Africa's energy sector?

    <p>Insufficient emphasis on renewable energy</p> Signup and view all the answers

    What has been the primary role of the government in South Africa's mixed economy?

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

    What has been the primary aim of laws like the Black Economic Empowerment Act and the Employment Equity Act in South Africa?

    <p>To dismantle barriers to black people's participation in the economy</p> Signup and view all the answers

    What has been the primary importance of infrastructure in South Africa?

    <p>To facilitate domestic and international trade, boosting GDP and employment</p> Signup and view all the answers

    What has been the primary focus of South Africa's international competitiveness?

    <p>To produce high-quality, competitively priced goods, maintaining stable exchange rates, and aligning inflation with major trading partners</p> Signup and view all the answers

    What has been the primary importance of the secondary sector in South Africa?

    <p>To produce consumer and capital goods, enhancing economic self-sufficiency and growth</p> Signup and view all the answers

    What has been the primary historical context of exclusion in the primary sector in South Africa?

    <p>Discrimination against black South Africans</p> Signup and view all the answers

    What has been the primary role of the Land Redistribution Programme in South Africa?

    <p>To address the inequalities in land ownership and opportunities in the primary sector</p> Signup and view all the answers

    What is the primary distinction between natural resources and labor as factors of production?

    <p>Natural resources are storable, whereas labor is non-storable</p> Signup and view all the answers

    What is the primary factor that affects the level of remuneration received by labor in a market system?

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

    What is the primary reason why entrepreneurship is considered a factor of production?

    <p>It is responsible for mobilizing resources</p> Signup and view all the answers

    What is the primary way in which natural resources drive economic development?

    <p>By providing raw materials for goods and services</p> Signup and view all the answers

    What is the primary characteristic of capital as a factor of production?

    <p>It is man-made</p> Signup and view all the answers

    What is the primary difference between skilled, semi-skilled, and unskilled labor?

    <p>Their level of training</p> Signup and view all the answers

    What is the primary reason why sustainable management of natural resources is necessary?

    <p>To ensure their availability for future generations</p> Signup and view all the answers

    What is the primary relationship between labor and economic growth?

    <p>Labor productivity drives economic growth</p> Signup and view all the answers

    What is the primary characteristic of capital that sustains production capabilities?

    <p>Its necessity for maintaining and expanding production</p> Signup and view all the answers

    What is the term used to describe the return on invested funds in capital?

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

    What is the primary role of entrepreneurs in economic systems?

    <p>To initiate and manage businesses</p> Signup and view all the answers

    What is the economic concept that illustrates how capital affects productivity and economic output?

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

    What is the term used to describe the total value of all final goods and services produced within a country's borders in a specific time period?

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

    What is the primary reason for the importance of capital in economic systems?

    <p>It is necessary for maintaining and expanding production</p> Signup and view all the answers

    What is the term used to describe the goods and services that are used as inputs in the production of other goods?

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

    What is the primary characteristic of entrepreneurship that drives economic renewal and innovation?

    <p>Risk-taking</p> Signup and view all the answers

    What is the term used to describe the total spending by households on non-durable, semi-durable, and durable goods as well as services?

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

    What is the primary role of the circular flow of goods and services?

    <p>To demonstrate the interdependence between different sectors and agents in the economic system</p> Signup and view all the answers

    What is the main advantage of a mixed economy in South Africa?

    <p>Balances freedom of market operations with government oversight</p> Signup and view all the answers

    What does Gross Domestic Product (GDP) measure?

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

    What is the primary role of the government in South Africa's mixed economy?

    <p>To provide social services and promote economic growth</p> Signup and view all the answers

    What is the primary objective of South Africa's international competitiveness initiatives?

    <p>To enhance global market position by producing high-quality goods</p> Signup and view all the answers

    Which of the following is a characteristic of a market economy?

    <p>Private ownership of production factors and profit incentives</p> Signup and view all the answers

    Which sector of South Africa's economy is responsible for transforming raw materials from the primary sector into finished goods?

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

    What is the primary purpose of the Expenditure Method of calculating GDP?

    <p>To calculate the total value of all final goods and services</p> Signup and view all the answers

    What is Gross Fixed Capital Formation (I) a reflection of?

    <p>Total investment in physical assets for future production</p> Signup and view all the answers

    What is the primary contribution of the tertiary sector to South Africa's economy?

    <p>Dominating the country's GDP and employment</p> Signup and view all the answers

    What is the primary importance of understanding the circular flow?

    <p>It provides insights into how money and goods circulate within an economy</p> Signup and view all the answers

    What is the primary challenge facing South Africa's energy sector?

    <p>Underinvestment in new power sources and insufficient emphasis on renewable energy</p> Signup and view all the answers

    What is the primary disadvantage of a centrally planned economy?

    <p>Lack of individual and corporate incentive to improve efficiency or innovate</p> Signup and view all the answers

    What is the primary goal of the Land Redistribution Programme in South Africa?

    <p>To address the historical inequalities in land ownership and access to land</p> Signup and view all the answers

    What is the primary importance of infrastructure in South Africa?

    <p>It facilitates domestic and international trade, boosting GDP and employment</p> Signup and view all the answers

    What is the primary characteristic of South Africa's mixed economy?

    <p>Coexistence of private and public sectors</p> Signup and view all the answers

    What is the primary objective of initiatives like ASGISA and the New Economic Growth Path?

    <p>To enhance growth, competitiveness, and employment</p> Signup and view all the answers

    What is the primary advantage of a market economy?

    <p>Efficient production and innovation driven by profit motives</p> Signup and view all the answers

    What is the primary importance of the primary sector in South Africa's economy?

    <p>It provides essential raw materials and energy</p> Signup and view all the answers

    What is the primary goal of the Black Economic Empowerment Act and the Employment Equity Act?

    <p>To dismantle the barriers to entry in the tertiary sector</p> Signup and view all the answers

    What is the primary importance of the secondary sector in South Africa's economy?

    <p>It produces consumer and capital goods, enhancing economic self-sufficiency and growth</p> Signup and view all the answers

    More Like This

    Economics Basics: Scarcity and Factors of Production
    11 questions

    Economics Basics: Scarcity and Factors of Production

    RecordSettingFermat avatar
    RecordSettingFermat
    Term 1 Test
    222 questions

    Term 1 Test

    TalentedParody avatar
    TalentedParody
    Kwartaal 1 Toets
    228 questions

    Kwartaal 1 Toets

    TalentedParody avatar
    TalentedParody
    Nov P1 Hard
    408 questions

    Nov P1 Hard

    TalentedParody avatar
    TalentedParody
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser