Summary Oxford Successful ECONOMICS Gr 11 - Chapter 3
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Course
Economics
Institution
11th Grade
Book
Oxford Successful Economics
Summary of Chapter 3: Economic Structure of South Africa, Module 1 Macroeconomics, from the textbook Oxford Successful Economics Grade 11 Learner's Book, covering the 3 Economic systems and Efficiency in delivering socio-economic services in South Africa.
SUMMARY
TEXTBOOK: Oxford Successful Economics Grade 11 Learner’s Book
AUTHOR: E. Basson, V. Beautement, L. Smith
CURRICULUM: CAPS
MODULE: 1 Macroeconomics
CHAPTER: 3 South Africa’s Mixed Economy
INTRODUCTION:
- Unit 1 Three economic systems
- Unit 2 Efficiency in delivering socio-economic services
TABLE COMPARING THE 3 ECONOMIC SYSTEMS
SYSTEM CHARACTERISTICS ADVANTAGES DISADVANTAGES KEY DIFFERENCES
CAPITALISM - Profit motive - Individual freedom - Self-interest - The free market
system
- Private ownership - Consistent with - Uneven distribution
human behavior of income and - Individuals and
- Limited role for wealth businesses own the
government - Efficiency and resources and make
innovation decisions.
- Competition
between businesses - More choice - Little to no
intervention from the
- Specialization state
COMMUNISM - No private - Full employment - Lack of incentive to - The centrally
ownership work hard and planned system
- Welfare services achieve
- Resources are provided for all - The state owns the
shared - Low economic resources and makes
- Greater equality of growth the decisions.
- State planning and income
control - Shortage of - Large government
- No waste of effort is consumer goods intervention
- Government is the caused by
only entrepreneur competition - Little choice
MIXED - Goods and services - Freedom of choice - Government - The market
are produced by and private intervention in the socialism system
public and private ownership economy
sectors - State and
- Economic growth is - High levels of individuals own
- Means of promoted poverty resources and make
production are mostly decisions
privately owned - State intervenes to - State enterprises
ensure welfare can be inefficient - Government
- Profit motive is producers intervention varies
controlled by - Protection of the
government environment
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