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ECS1501-25-Y
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The South African economy can best be described as …
A strength of the market system is that it provides an incentive for people to work hard.
In a market system, prices are determined by government bureaucrats.
In a pure market economy, the price mechanism plays an important role in solving the economic problem.
In a pure market economy, the – or distribution – question is largely answered according to the needs and wants of individuals and groups in society.
Which of the following is primarily responsible for making economic decisions in a pure market economy?
Which one of the following is a strength of a command economy?
By whom are major economic decisions made in a command economy?
Do you agree or disagree with the following statement?
In a pure command economy, resources are always allocated and distributed efficiently.
Do you agree or disagree with the following statement?
In a pure command economy, all the economic decisions are made by a central authority. It therefore follows that the authority would have the power to force individuals to follow the central plan, even if it is against their will.