Economics111 Assignment.
Full Names and Surname : Nqobile Natasha Hlongwane
University number : 25315927
Module code : AGLE 111
Faculty or Department : Faculty of Economics Science and IT
Group number : 2O
Name of Lecturer : G.BUTLER
Due Date : 20 May 2014
Table of Contents. Page;
>Introduction. 1
>Literary review 1-2
>Four main economic systems. 1-3
>The South African economic system 3
>Why is South Africa a Mixed economy? 4
>Is mixed economy suitable for our country`s current economic condition? 4
>Critical Analysis,
Recommendations and Conclusion 5
>Bibliography 6
Introduction.
An economic system is normally referred to as the pattern of organization that is aimed at solving the three central questions. These questions are what goods and services will be produced and in what quantities. How will each of the goods and services be produced and for whom will they be produced. They are namely: The market system, the command system, the traditional system and the mixed economic system.
Literary review.
The four main types of economic systems.
1.The market system.(Capitalism)
An economic system based on private p...
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...gh it`s in a small pace-much has been done and we have seen growth.
-Agriculture also has played a strong role in this economic system and its change.
Recommendations.
--The issue of nationalization must not be taken to consideration as this will absolutely change everything about the current economic system.
-South Africa is considered a mixed economy and implementing mine nationalization will bind the government to change its economic policies to that of a socialist economic system as it promotes government intervention and public interest.
Conclusion.
The economic system used in South Africa is really the best and considering the fact that it’s a mixed economy shows that more can still be done. This economic system is visible and all citizens of a country are able to benefit from all the resources and projects that take place.
The first type of economic system that they movie shows is a traditional system. A traditional economy is an economic system in which the allocation of scarce resources and other economic activity is the result of ritual habit or customs. In other words a traditional economy is a barter or trade system, everybody decides WHAT WHEN and FOR WHOM. When the video first starts the Mochans had to trade all over the island to acquire what needed. After a while they had enough of trading the chief decided to switch to currency instead of trade.
Economic systems are affected by the two opposing systems of capitalism and communism. They each can meet the needs of people; however, both affect the lives of people in good and bad ways, affecting industrialized nations and nations in the process of being industrialized. Capitalism is all about wealth and the wealth of people. Capitalism met the needs of the people because the right to property was created. You can own your own house, factories and land.
Throughout history, many different types of economic models and theories have been developed. These different philosophies of business often were an important and integral part of a government’s basic structure. For example communist countries like China and the Soviet Union practiced a type of socialism. While, democratic nations like the United States and Canada practice forms of capitalism. Also within these economic models exists different theories as well such as Keynsian economics and laissez faire economics. To understand how these types of economies work in the world today, it is important to study and define a variety of economic systems. Researching such economic systems as capitalism and socialism, and also looking at the ideas of laissez faire and the Keynsian economics, a person will start to have a better understanding of how business works in the world today.
Imagine a system in which everyone can gain wealth in a free market. A place where hard work actually pays off. Where freedom of speech actually allows unreserved opinion. This is a Capitalism. Resolution: Capitalism is the most basic form of economic system.
Merriam-Websters dictionary defines economy as “the process or system by which goods and services are produced, sold, and bought in a country or region”. In both Rome and Greece, the economy was bustling, because the people would sell good to other civilization in order to continuously grow enough food to feed themselves. Many systems that were in place in antiquity are still around in our modern times.
It is the study of resource allocation, distribution and consumption, of capital and investment, and of the management of the factors of production. (http://wikitionary.org/wiki/economics)
...ellent policies, 5) the Constitution had come into existence through the working together of various groups that had composed South Africa, 6) South Africa's political and economic institutions are well established, 7) and that South Africa is by far the most developed country in Africa. However, there are still avenues that can impede further progress, more so economically then politically. Primarily the lack of foreign investment, especially when South Africa's gold and diamond reserves are emptied as other parts of economy are not as developed. Secondly, the economic gap between whites and blacks that was stretched during the time of apartheid needs to be tightened or else it could become dangerous to the stability of the political system. However, due to the leadership of Nelson Mandela, South Africa’s current government structure exists to solve these issues.
on him or her. Unless it was stamped on their pass, they were not allowed to
South africa should focus on investment with africa rather than with the BRICS and/or CIVETS as the position of ecconomic leader of the dark contient will help develop our nation faster. The BRICS and CIVETS do have their benefits but they are using South Africa’s inclusion into the respective acronyms to try gain acess to africa. We could benefit africa and ourselves better if we restricted the BRICS and CIVETS investment that could be harmful or particularly resource draining to africa and only allow BRICS and CIVETS investments that would not exploit it’s people and resources, investments such as manufacturing projects. We need to have Africa’s development as our top priority.
According to Collier & Dollar, (2001) economic growth is normally dependent on the nature and quality of economic policies that a country implements. In South Africa, soon after apartheid the government have tried to wrestle with the multiple objectives which are namely to reduce poverty, increase employment, increase international trade as well as increasing the rate of economic growth. According to Mohr et al, (2015) the macroeconomic objectives are used to assess the performance of the economy. The five macroeconomic objectives that will be discussed in this assignment are firstly the economic growth, full employment, price stability, balance of payments and equitable distribution of income. The assignment will then evaluate each of the objectives of macroeconomic growth and asses where South Africa as a country is performing on each of these respective points.
The harmful impact of globalization on South Africa has been apparent , through the financial squeeze and through market- oriented policies that have silent economic and reorganization, in job losses, crisis in schooling, closing of hospitals, make wider loopholes in the social security net, water cut offs, the degeneration housing shortage, and unrelenting starvation and poverty in a perspective of deepening discrimination in what is already the second most disparate nation on the globe.
Gold mining is both beneficial and destructive for South Africa. The gold mining industry provides jobs for about many people, the people and the families of the people employed by the mines get free healthcare, education etc. Gold mining is also a very important part of the South African Economy. The environmental impact of mining however, is terrible and the impact of a mine can be seen for many years even after the mine has been closed. The mines also pose serious risks for people living nearby or working in the mines.
Economic development is highly dependent on the natural resources for food and energy production, which inputs to manufacturing, and to absorbing wastes and pollutants. Thus, there is a high dependency on farming. However, South Africa is not rich in agriculture resources; ...
There are two types of economic systems that a society may adhere to; which are polar opposites. The Command system, also known as communism or socialism. In a command economy, the government owns the majority of the resources, and all decisions for the society is made based on a central plan. The command system has been adopted by countries such as the Soviet Union, China and North Korea. This economic system is commonly used by countries under a dictatorship. Despite the negative aura surrounding a dictatorship this system does have its pros and
Poverty is one of the greatest problems facing South Africa and it still remains very high. The following content will discuss Poverty. A brief overview of Poverty in South Africa will be discussed and the effects it has in South Africa. Education in South Africa will be discussed briefly, in terms of its issues. A description of how poverty influences the different business environments (micro, macro and market) of businesses in education will be discussed.