Answer to Question #237212 in Microeconomics for Ndivho

Question

Assignment 1: Eco 3641 2021
Critically analyse the South African economy using the discussion on South African economy given.

An economy is an area of:SA as mixed economy
(1) production- the process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals,
(2) distribution (the way total output, income, or wealth is distributed among individuals or among the factors of production ,such as labour, land, and capital)and;
(3) trade ( the transfer of goods or services from one person or entity to another, often in exchange for money), as well as

Answer 1

Considering south Africa's production, Food and beverages tends to be the biggest aspect of manufacturing industry. Chemical and petroleum products are also produced within the country in support of the economy. The third class involves the steel and basic iron. The 3 industry contribute to 70% of manufacturing sector within South Africa.

In South Africa, distribution is based on the production factors. When the production factors are of high quantity, the rate of distribution becomes high.

The country provides foreign suppliers several methods of distributing and selling products such as through distributor or agent. outh Africa offers foreign suppliers a variety of methods to distribute and sell their products, including using an agent or distributor.

South Africa has an advanced transport, legal, financial and communication sectors. The country is known for exporting gold, platinum, diamond, equipment and machinery as well as minerals and metals. The main trade partners tend to be US, European Union, India, Japan and China.