South Africa's Mixed Economic System (Grade 11 NSC Matric Economics): Flashcards
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SA's mixed economic system definition
SA's mixed economic system definition
Combines market capitalism & central planning
Countries w/ more socialist policies
Countries w/ more socialist policies
China & Sweden
Driver of business activity in SA's mixed economy
Driver of business activity in SA's mixed economy
Profit motive
Benefits of competition between businesses
Benefits of competition between businesses
Better products, lower prices, improved services
Govt role in SA's mixed economy
Govt role in SA's mixed economy
Active intervention in guiding & regulating economy
Examples of public sector services in SA
Examples of public sector services in SA
Electricity, water, transport
Ownership of resources/businesses in SA
Ownership of resources/businesses in SA
Mostly privately owned
Advantage: Personal freedoms in mixed economy
Advantage: Personal freedoms in mixed economy
Freedom of choice & private ownership
Advantage: Govt support for vulnerable groups
Advantage: Govt support for vulnerable groups
Improves social welfare via social grants
Disadvantage: State enterprises issue
Disadvantage: State enterprises issue
May create monopolies leading to inefficiency