Composition and Necessity (Grade 12 NSC Matric Economics): Flashcards
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Public sector definition
Public sector definition
Parts of economy owned and controlled by government
National government focus areas
National government focus areas
Healthcare, defence, education, security - country-wide issues
Number of provinces in South Africa
Number of provinces in South Africa
Nine provinces
Local government services examples
Local government services examples
Electricity, libraries, traffic control, refuse removal
Public corporations (SOEs)
Public corporations (SOEs)
State-owned enterprises providing essential public services
Three types of public goods
Three types of public goods
Community goods, collective goods, merit goods
Community goods characteristics
Community goods characteristics
Must be provided completely or not at all (e.g. defence, police)
Why government provides merit goods
Why government provides merit goods
Private markets would under-supply them (education, healthcare)
Why government conserves resources
Why government conserves resources
Prevent overuse/exploitation of natural resources & environment
Economic intervention: anti-competitive behaviour
Economic intervention: anti-competitive behaviour
Govt limits monopolies, cartels, ensures competitive markets