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Answer the following questions - NSC Economics - Question 3 - 2021 - Paper 1
Question 3
Answer the following questions. 3.1.1 Name any TWO methods of import substitution. 3.1.2 How can the government use land restitution to achieve its development and... show full transcript
Worked Solution & Example Answer:Answer the following questions - NSC Economics - Question 3 - 2021 - Paper 1
Step 1
3.1.1 Name any TWO methods of import substitution.
Answer
Two methods of import substitution include:
- Tariffs: Implementing ad-valorem tariffs or specific tariffs on imported goods to make them less competitive compared to local products.
- Subsidies: Providing financial support to local industries to enhance their production capabilities, making them more competitive against imports.
Step 2
3.1.2 How can the government use land restitution to achieve its development and redress objectives?
Answer
The government can use land restitution by returning land to its original owners or offering compensation to those who lost their land. This addresses inequalities from the past and aims to improve the standard of living for previously disadvantaged communities, thereby achieving development and redress objectives.
Step 3
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Step 5
3.2.3 Briefly describe the term economic indicator.
Answer
An economic indicator is a statistic that provides information about the economic performance of a country or region. These indicators can include metrics like GDP, unemployment rate, inflation rate, and others, helping to assess the overall economic health.
Step 6
3.2.4 Explain the negative impact of rural-urban migration on the supply of services in urban areas.
Answer
Rural-urban migration can lead to population increases in urban areas, which puts pressure on local services such as housing, healthcare, and sanitation. The swift influx may overwhelm existing infrastructure, leading to inadequate housing, insufficient public services, and increased demand on resources, resulting in challenges like the inability to maintain local budgets and manage planning.
Step 7
3.2.5 How will renewable sources of energy affect poor households in rural areas positively?
Answer
Renewable sources of energy will positively affect poor households by:
- Reducing costs: By utilizing local renewable energy, households can lower their expenses related to energy consumption.
- Increasing disposable income: Savings on energy bills allow households to spend more on essential goods and services.
- Improving health: Access to clean energy sources can mitigate health risks associated with traditional energy methods, enhancing overall community well-being.