Based on the information, what conclusion can be drawn about the South African economy? South Africa has a pure market economy. South Africa has a pure command economy. South Africa has a command economy with some market elements.
What is the best way to describe the economies of Kenya Nigeria and South Africa?
What is the BEST way to describe the economies of Kenya, Nigeria, and South Africa? They are mixed economies.
What is South Africa’s economy based on?
The South African economy is essentially based on private enterprise, but the state participates in many ways. Through the Industrial Development Corporation, the apartheid-era government set up and controlled a wide array of public corporations, many relating to industrial infrastructure.
Which of the following is true of South Africa’s and Nigeria’s economy?
Which of the following is true of South Africa’s and Nigeria’s economy? … They are both pure market economies.
Which of these natural resources are most important to South Africa’s economy?
Diamonds are a valued source of employment, foreign negotiability, tax revenue, and new investments. Although South Africa’s natural resources are widely known to be gold and diamonds, the country is also blessed with large exportable quantities of sugar and timber.
What is the main economic activity in Africa?
Climatic factors greatly influence Africa’s agriculture, which is considered the continent’s single most important economic activity. Agriculture employs two-thirds of the continent’s working population and contributes 20 to 60 percent of every country’s gross domestic product (GDP).
What type of economy does Africa have?
South Africa has a mixed economy in which there is a variety of private freedom, combined with centralized economic planning and government regulation.
Is South Africa a poor country?
South Africa is an upper-middle-income economy, one of only eight such countries in Africa. Since 1996, at the end of over twelve years of international sanctions, South Africa’s Gross Domestic Product almost tripled to peak at $400 billion in 2011, but has since declined to roughly $283 billion in 2020.
What is South Africa’s biggest export?
Searchable List of South Africa’s Most Valuable Export Products
|Rank||South African Export Product||Change|
|3||Iron ores, concentrates||+7.1%|
Does South Africa have a good economy?
South Africa has a highly developed economy and an advanced infrastructure. One of the world’s largest exporters of gold, platinum, and other natural resources, it also has well-established financial, legal, communications, energy, and transport sectors as well as the continent’s largest stock exchange.
Which is the richest country in Africa 2020?
TOP 10 RICHEST AFRICAN COUNTRIES IN 2020 RANKED BY GDP & PRIMARY EXPORTS
- 1 | NIGERIA – THE RICHEST COUNTRY IN AFRICA (GDP: $446.543 Billion) …
- 2 | SOUTH AFRICA (GDP: $358.839 Billion) …
- 3 | EGYPT (GDP: $302.256 Billion) …
- 4 | ALGERIA (GDP: $172.781 Billion) …
- 5 | MOROCCO (GDP: $119,04 Billion) …
- 6 | KENYA (GDP: $99,246 Billion)
Which African country has the largest economy?
African countries with the highest Gross Domestic Product (GDP) in 2020 (in billion U.S. dollars)
|GDP in billion U.S. dollars|
Is South Africa bigger than Nigeria?
South Africa is about 1.3 times bigger than Nigeria.
Nigeria is approximately 923,768 sq km, while South Africa is approximately 1,219,090 sq km, making South Africa 32% larger than Nigeria. Meanwhile, the population of Nigeria is ~214.0 million people (157.6 million fewer people live in South Africa).
What is the importance of natural resources in the South African economy?
The natural environment provides resources – such as water, land, plants, animals, ecosystems and minerals – that drive the economy and other human activities. The effective measurement of the extent of resource use is vital to ensuring sustainable development in line with the country’s National Development Plan (NDP).
Why is South Africa so rich in minerals?
South Africa is endowed with precious minerals because they have ultramafic rocks. The rocks were formed during the early stages of fractional crystallisation. They were formed at a very high temperature and pressure. Secondly, South Africa’s geology hosts some of the oldest surviving Archean rocks.
What are the most important resources in South Africa?
South Africa is rich in a variety of minerals. In addition to diamonds and gold, the country also contains reserves of iron ore, platinum, manganese, chromium, copper, uranium, silver, beryllium, and titanium.