Search & Filtering
Distinguish between Microeconomics and Industrial Economics.
• Explain the FIVE (5) categories or levels of industries.
• Discuss the technical factors that may be considered when making a decision on industrial location.
The conventional definition of the term ‘industry’ is a group of firms producing a single homogeneous product and selling it in a common market. However, the restriction of a single homogeneous product is not met in practice as most of the firms produce many outputs which may or may not be substitutable for each other. •
Discuss the operational meaning for ‘industry’ in the context of industrial economics. In your discussion, be mindful to clearly outline the different categories (levels) of industry in South Africa
• Explain why firms form mergers in South Africa. •
Using examples, discuss how the competition policies are beneficial to industries (markets) in South Africa
Productive efficiency is concerned with producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost. •
Discuss the two main components of productive efficiency. •
Compare and contrast the methods used by the society in making their economic decisions.
Location theory has become an integral part of economic geography and spatial economics. It addresses questions of what economic activities are located where and why. Location theory basically assumes that firms and individuals act in their own self-interest as to maximize their profits and utility, respectively. •
Outline ANY THREE (3) technical factors that may be considered when making a decision on industrial location. •
Discuss the Market Area Theory (MAT) of Tord Polander.
Accounting profit equals
Briefly describe the term marginal cost
Why was agricultural sector declared as a critical industry and exempt from the hardest lockdown regulations?
Is it possible for firms for firms to experience both increasing and diminishing returns?
Write your view (in 500 words) on the impact of the Covid-19 pandemic on the macroeconomic variables of the Indian economy. (20 marks)
[Evaluation criteria:
Parameters assessed: Selection of the item, quality of analysis and explanation of the item.
Traits observed: Demonstrated appreciation of issues involved in totality, Logical and easy
flow of response.
Superior Response = 90%
Average response 60-70%,
Poor and/or sketchy response 50% or less]
