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An economic system where most of the assets (money and land) are in privately owned hands. In a communist country it would be owned by the state.

Chinese competitorship

Because China has such a large population, human labour is extremely cheap. Items such as clothing in particular, is manufactured at very low costs. These cheap articles are sold across the world at very low prices. Local manufacturers cannot compete with these prices – hence the loss of business and eventually they have to close down their factories. People lose their jobs and in the process unemployment figures soar.

Activity 1:

To understand the meaning of the word depression

[lo 2.1]

Make a tick next to the correct meaning of the word Depression :

  • When there is no economic growth . . . .
  • When there is a world-wide crisis . . .
  • When there is a laxity in trade . . . .

A tip

• When the value of money decreases, we speak of the depreciation of a money unit.

• When we say someone suffers from depression, it means that a person is constantly feeling miserable, or not in good spirits. The person’s mood is very low. In that case someone is said to suffer from depression.

Therefore we can say that the economy is “depressed” of “down” when there is a depression.

Activity 2:

To determine what products are imported or exported

[lo 2.1]

In some cases South Africa produces enough food, to the effect that the country can also export some of it.

Tick the foodstuffs that are being imported or exported:

Product Export Import
Deciduous fruit
Dairy products


Learning Outcomes(LOs)
LO 2
SUSTAINABLE GROWTH AND DEVELOPMENTThe learner will be able to demonstrate an understanding of sustainable growth, reconstruction and development, and to reflect critically on related processes.
Assessment Standards(ASs)
We know this when the learner:
2.1 collects information on the influence of apartheid economic policies on ownership , poverty , wealth and quality .
2.2 identifies steps required to redress socio- economic imbalances and poverty.


This learning unit offers guidelines to the learners which will enable them to attempt projects and tasks on some of the following:

  • affirmative action
  • trade agreements with other countries in Africa and elsewhere
  • the manufacturing industry in South Africa
  • Import of agricultural products from other countries (meat and dairy products from Australia and South America, wheat and maize from North America, etc.)

Activity 1

  • All three possibilities are correct.

The learners can do a group task on the Great Depression of 1929 and what the consequences were for the people of this country. Personal contributions of older members of the family would be invaluable.

Activity 2

  • South Africa’s main agricultural products are listed in the table. When there is a surplus, export to other countries might take place, and shortages might necessitate the import of products.

The trade balance might also require imports or exports to or from certain countries. Sometimes products are imported at lower prices than what local farmers can produce. At the present moment dairy products are more expensive than the imported products.

Farmers who produce deciduous fruit, on the other hand, get higher prices for their products on the overseas market because of the favourable exchange rate at the present moment.

It can therefore be said that the products in the table are sometimes exported, and sometimes imported.

Questions & Answers

what is variations in raman spectra for nanomaterials
Jyoti Reply
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
yes that's correct
I think
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
How we are making nano material?
what is a peer
What is meant by 'nano scale'?
What is STMs full form?
scanning tunneling microscope
how nano science is used for hydrophobicity
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
what is differents between GO and RGO?
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
The nanotechnology is as new science, to scale nanometric
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
what school?
biomolecules are e building blocks of every organics and inorganic materials.
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
sciencedirect big data base
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Berger describes sociologists as concerned with
Mueller Reply
what is hormones?
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Source:  OpenStax, Economic and management sciences grade 7. OpenStax CNX. Sep 10, 2009 Download for free at http://cnx.org/content/col11025/1.1
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