Chapter 8 Introduction to Economics
Top questions
See all →- Explain the nature of globalisation. Globalisation means aligning the economy of the country with the world economy. There is free trade and all restrictions on (foreign) invest... 1
- What are the main features (components) of the economy? The economy is a system related to the production, distribution and consumption of goods and services in a specific region. The main feature... 1
- Explain the nature of the Socialist Economy. There is no private ownership of the means of production as these belong to the society as a whole. There is total control of the State over... 1
- Explain the nature of the Capitalist Economy. The ownership and control of means of production is in the hands of the private individuals in the Capitalist Economy. There is no control o... 1
- Write a description of Economics given by Lionel Robbins. According to Lionel Robbins, “Economics is a science which studies human behaviour as a relationship between ends and scarce means which hav... 1
- Name the factors affecting an economy. The factors affecting an economy are: Geographical area and natural resources. Population Occupations Political Sovereignty 1