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Bussines CHAPTER 4-7 > Chapter 5: Economic sectors > Flashcards

Chapter 5: Economic sectors Flashcards

1
Q

What are the three economic sectors

A

Primary sector
Secondary Sector
Tertiary Sector

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2
Q

What happens In the primary sector ?

A

The extraction of raw materials

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3
Q

What happens In the secondary sector ?

A

This is where manufacturing process

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4
Q

What happens In the tertiary sector ?

A

This is where products are ready to be sold

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5
Q

Which sector contributes the most to the South African economy?

A

Tertiary sector with 66%

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6
Q

Why is EQ an important skill?

A

The tertiary sector consist of buying and selling as well as service delivery, thus continuous interaction between people.

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7
Q

What does EQ stand for ?

A

Emotional intelligence

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8
Q

What are the by-products of the chemical giant Sasol?

A

Stockings ,fertilizer
Wax crayons,
CD’s,perfume,
ammonia,paraffin
printing ink,sun cream

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9
Q

Why does Sasoal make these by products ?

A

Sasoal making these by- products decrease pollution and significantly aids the Secondary Sector in South Africa

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10
Q

What language is per Capita in and what does it mean ?

A

Per capita is a French term which means per person or per head of the population.

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11
Q

How can human capital in South Africa be better managed to ensure economic development?

A

People making a contribution is contingent upon conditions in the country that would energise people into being productive such as fair opportunities to be gainfully employed

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12
Q

What does ‘PPP’ stand for?

A

Private Public Partnerships

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13
Q

TRUE OR FALSE?
Fresh water is a scare resource

A

True

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14
Q

What are the 5 different types of natural resources in South Africa?

A
  1. SA is rich in minerals especially coal,gold,diamonds,iron deposits and platinum
  2. SA has a very long coastline that enables catches of a variety of fish (snoek,sardines ,hake)to contribute to the primary sector
    3.Fresh water is an essential resource for households,farms ,mines and manufacturing plants.Water is scarce resource to many in SA
    4.SA has fertile soil ,but water is a limiting factor to our agriculture .Due to SA having different climate regions this allows us to have a variety of crops.
    5.Not too many forests in SA ,but we do have many plantitions of oak and blue gum trees.These are used for natural resources
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15
Q

TRUE OR FALSE?
Water is not a limiting factor to agriculture

A

False, water is a limiting factor to agriculture because it is a scarce resource

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16
Q

Where are most of South Africa plantations found

A

Mpumalang and Kwa-Zulu Natal

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17
Q

Explain why natural resources are important within the context of South Africa’s economy.

A

Mining, one of the vital natural resource components of the SA economy, contributes the following to SA’s economy according to the Chamber of Mines:
Creates one million jobs (500 000 direct and 500 000 indirect).
Accounts for about 18% of GDP (8.6% direct, 10% indirect and induced).
It is a critical earner of foreign exchange at more than 50%.
Other natural resources, such as fishing and farming also make a noticeable contribution to the economy. If SA did not have the assets, we would have to import much more to meet the demands of the economy.

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18
Q

Name examples of factors contributing to factors that are putting factors on our natural resources on a daily basis

A

Growing communities
Urbanisation
Improvment in technology

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19
Q

What can we do to protect the environment ? Name 5 things

A

1- Farmers should not allow soil to be overgrazed and should leave it to rest so it can restore itself
2-Goverment should build dams and promote utilize a variety of other methods to conserve water
3-People should not waste or pollute water
4-Cost effective energy resources like hydro ,solar and wind power should be developed .
5- The government should protect fishing industry by issuing permits and quotasensuring their is some control over the quanities of fish ,crayfish

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20
Q

Name 3 skills in the primary sector ?

A

1- A lot of physical work work is done in primary sector requires manual labour. E.g mine workers
2- Workers are needed to operate machines = Semi skilled workers
3-Mangers who organise ,plan and keep the business running

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21
Q

Why is machinary bad ?

A

It takes away from peoples jobs which means less workers

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22
Q

Where do the activities in the secondary sector take place ?

A

Manufacturing plants and factories

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22
Q

Name 5 activities done in the secondary sector ?

A

1- Manufacturing food
2-Chemical plants
3-Manufacturing electricity
4- Car manufactures
5- Furniture makers

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23
Q

HOW ARE PRODUCTS IN THE SECONDARY SECTOR SOLD ?

A

The products manufactured are sold to the tertiary sector .

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24
Q

How does the secondary sector counter act automation

A

Although businesses are becoming more automated ,the secondary sector still plays a vital role in SA when it comes to job creation.

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25
Q

What is one of the most important type of manufacturers in the secondary sector and why ?

A

Motor manufacturing is one of the most important industries in SA secondary sectors.Most of the large international motor manufacters have manufacturing plants in SA often located in Eastern Cape.

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26
Q

TRUE or FALSE
Sasoal is one of SA chemical giants

A

TRUE

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27
Q

How do we preserve resources in the secondary sector ?

A

Secondary sector is dependent of existence of natural resources therefore the secondary sector needs to also protect natural resource as well as be conscious about their impact on air,water and noise pollution.

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27
Q

TRUE or FALSE ?
Sasoal record a loss in August 2015 due to affects of the coronavirus

A

False ,Sasoal recorded a loss in August 2020

28
Q

What type of skills are needed in the secondary sector?

A

A degree is often no needed as multiple people in SA don’t have excess to higher education but higher education degrees are needed in some jobs in the secondary sector such as plumbers
,electrictians and engineers who build aeroplanes and sub marines

29
Q

Why is the secondary sector important to South Africa ?

A

The secondary sector is very important for job creations especially in SA where their are many workers who have either not been to school or only spent a few years at school

30
Q

TRUE or FALSE ?
Work done in the secondary secondary is often repetition

A

TRUE

31
Q

What are the 3 types of activites done in the tertiary sector

A

1- Wholesalers like makro purchase bulk quantities from factories and sell reduced quanities to retailers who sell to public.
2- Examples of businesses that buy and sell are Pick n Pay and Edgars
3-Businesses sell services, which include the following hairdressers ,your schools teachers and doctors

32
Q

What can we do to preservesation of natural resources in the tertiary sector

A

We preserve knowledge which is a sustainable resource which is built on trading knowledge .

33
Q

TRUE or FALSE ?
Knowledge is obselte

A

TRUE
and it becomes replaced with new knowledge

34
Q

Name 3 types of skills needed in the tertiary sector

A

1- Creative thinking and problem solving skills
2-Computer literacy and the ability to use other technological tools
3- Teamwork tolerance with regard to cultural diversity and emotional intelligence

35
Q

What does GDP stand for ?

A

Gross Domestic Product

36
Q

What is the defention of Economic growth

A

Economic growth is synonymous with GDP because it reflects the increase in the number of goods and services produced per head of the population over a period of time (usually a year).

37
Q

What does the GDP refer to

A

The GDP refers to the total amount of final products and services that are produced within the country’s borders in a period of a year

38
Q

What is real GDP

A

Real GDP takes in account that inflation can affect prices of goods and services

39
Q

What does SME stand for ?

A

Small medium Enterprise

39
Q

What is inflation

A

The rate of increase in prices over a given period of time

40
Q

How can human capital in South Africa be better managed to ensure economic development?

A

People making a contribution is contingent upon conditions in the country that would energise people into being productive such as fair opportunities to be gainfully employed

41
Q

Name FIVE strategies that can be implemented to ensure economic growth takes place in
South Africa.

A

Human capital
Capital formation
Institutions
Natural resources
Technology

42
Q

Explain capital formation?

A

can make or break a country ‘s economy. People have to be encouraged to save money so banks have funds available to lend to businesses in the different sectors to facilitate growth.

43
Q

Explain natural resources?

A

Natural resources have to be preserved .The natural resources have to be managed in a way that a sustainable contribution is made to the economy .

44
Q

What way can we make it cheaper for us and more sustainable in terms of natural resource usage ?

A

We should strive to process our own natural resources in our secondary sector instead of exporting our unprocessed natural resources and then later re-importing them (at premium)as finished products

45
Q

Explain technology ?

A

It’s important that we realize the more we use technology , more jobs are lost this affects the economy

46
Q

What is Unemployement Structural ?

A

More technology in businesses and less jobs affecting our community

47
Q

What Does PPP stand for ?

A

Private Public Partnerships

48
Q

2 Examples of an institution

A

THE IDC(Industrial Develpoment Cooperation )which supports small businesses by helping them with capital needed and by proving support when it comes to foreign trade
SBDC(Small business development corporation ) helps new entrepreneurs in all threes sectors establish their own businesss in forms of financiancal assistance such as loan or workshops for entrepreneur to further his knowlege

48
Q

Explainn Institutions

A

Focus on bringing about economic growth and development often make use of Partnerships between the public and private sector

48
Q

What is a chop shop

A

Where stolen cars are taken and chopped til they are unrecognisable

49
Q

What is automation ?

A

Jobs replaced by machines ,it also affects real GDP

49
Q

What does POA stand for

A

Plan of action

50
Q

What is economic development ?

A

Economic development usually reflects the improvement of long-term growth in the economy, jobs and income growth. It also involves sustainable increases in the productivity of individuals, businesses and people, and maintaining and even enhancing quality of life.

51
Q

Differentiate between the Private Sector and the Public Sector.

A

The Private Sector pertains to all forms of private ownership of companies, including public
companies. It is also inconsequential whether the business is in the formal or informal sector.

The Public Sector, comprises government departments, which includes such services as the
police, military, roads, public transport, basic education and healthcare for the poor.

51
Q

What is a Public Comapany

A

A Public Company is part of the private sector because the public hold shares in the company
and it trades on the JSE. Examples of South African public companies are – Transnet, SAA
and Telkom.

52
Q

Why is the Informal Sector also referred to as the unrecorded part of the economy?

A

Economic activities not included in the GDP, such as the informal sector, are referred to as the
unrecorded part of the economy, because unlike in the formal sector, informal economic activities
do not pay tax like formal businesses. Informal businesses may pay VAT on goods purchased
from a wholesaler, for example, but thereafter no tax is paid.

53
Q

What does RDP stand for ?

A

Reconstruction and Develpoment Program

54
Q

What are the aims of the RDP program

A

1- create a democratic community where all peoples rights are protected
2- Develops peoples skills and trains them in order to give them opportunites to enter a work place
3- Uplifts previously disadvantaged communities by providing them with basic needs

55
Q

Name the 4 forms of ownership

A

Sole Proprieter
Partnership
Private Company
Public Company

56
Q

Name some characteristics of the informal business sector

A

1- The economic activities in the informal sector exclude GDP
2- People cant find jobs in formal sector so they they develop entrepreneurial skills by creating their own jobs in the informal sector
3- Lack of education also contributes to the fact that many people do not have many choices but to work in informal sector to survive

57
Q

What is a chop shop ?

A

Where iteams like stolen are re-designed (made unregonisable )and then resold

58
Q

Examples of illegal activities done in the informal sector

A

Some illegal activities done include drug selling and chop shops

59
Q

Examples of legal activities done in the informal sector

A

Legal activities include a spaza or street vendores

60
Q

Name 3 Advantages of the informal sector

A
  • Informal sector helps people create work for themselves in order to survive .
  • It develops peoples entrepreneurial skills which maintains their self confidence
  • The capital required to start a business in informal sector is small because limited equipment or stock is needed .
  • Informal sector often also helps to regulate prices as they are also in competition with businesses in the formal sector
61
Q

THE 2 differences between Formal and Informal sector

A

FORMAL
- tax payers
- rent
INFORMAL
-no tax
-move around

61
Q

Name 3 Possible problems in the informal sector

A
  • A shortage of skilled entrepreneurs often leads to business failing
    -Goods and services are often of low quality and customer cant do anything if they are dissatified
  • illegal activities are disadvantageous for the community
62
Q

Name a few success of the RDP

A

2- Better care for the aged ,oprhans and the disabiled through social welfare
3- Free health care for children and pregnant women
4-Provision of meals to roughly 3.5 -5 million school going children

Bussines CHAPTER 4-7 (5 decks)

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