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South Africa uses a mixed economic system mainly because their are abudant idle resources which can only be put to use by having the country's government owning, controlling ang allocating the resources as well as some capable individuals. And it is through this that they can satisfy the unlimited wants of the people as individuals produce goods and services along the government.
Wiki User
∙ 12y ago
Anonymous
Wiki User
∙ 11y agoThe South African economy is based on capitalism. Private property and profit are respected in law and in the constitution. The Joburg Stock Exchange is the symbol of that capitalist activity and it is the largest in Africa. There is a booming business sector in South Africa across the spectrum of enterprises from mining, industry, commercial activities, information technology to tourism and entertainment.
Taxes generated from business and wealthy individual taxpayers are used to subsidise the costs of services to poorer residents. If you are poor, you may be eligible for free housing, free medical care, free education, basic free water and basic free electricity. There are also numerous welfare grants and state pensions available to qualified people. In this sense South Africa's economy has strong elements of socialism to it.
Wiki User
∙ 13y agoNO!!! it's communism. Ruled and runned by only one group of people
Wiki User
∙ 15y agoyes
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What is included in mixed economy?
Mixed economy included Capitalistic economy and also Socialistic economy. Capitalistic economy for profit earning and socialistic economy for social welfare.
Biggest economy in Africa?
The biggest economy in Africa is undoubtly the Republic of South Africa (South Africa) The South African GDP was $467.6 billion in the year 2007 and the global rank of South Africa was 27th. Egypt's GDP in 2007 was $431.9 billion and Egypt's global rank was 29. Egypt got the second biggest economy in Africa.
What are the four degrees of competition that exist in a capitalistic economy?
The four degrees of competition that exist in a capitalistic economy are: perfect competition, monopolistic competition, oligopoly, and monopoly.
What economic system does Greenland have?
Capitalistic mixed economy
Is not a characteristic of a capitalistic economy?
government control of production and resources...A+
How is capitalistic applied in South Africa?
by brownnosing
Is South Africa a market or government economy?
South Africa has a market economy.
Capitalistic economy of India?
No. India is a mixed economy , a combination of capitalistic and socialistic economies
Who has the larger economy South Africa or Zambia?
South Africa has a far larger economy.
What is included in mixed economy?
Mixed economy included Capitalistic economy and also Socialistic economy. Capitalistic economy for profit earning and socialistic economy for social welfare.
Which countries has the largest economy South Africa or Zambia?
South Africa has a far larger economy
Who has the largest economy between South Africa and Zambia?
South Africa
Who has the largest Economy between South Africa or Zambia?
South Africa
What type of economic systems do South Africa and Nigeria have?
South Africa - Traditional economy Nigeria - Mixed economy
Is Finland a capitalistic economy?
Yes.
What has the most developed economy in Africa?
South Africa
How does South Africa practice socialism?
It doesn't. South Africa has a capitalist economy.
