South Africa has a republican government system, with a mixed market economy, composed of private liberty and a centrally planned economy.
<h3 /><h3>What is a planned economy?</h3>
It corresponds to the economic system where most companies belong to the state, which is responsible for decisions that influence business and the economy, unlike the market economy, which is determined by supply and demand.
Therefore, the centralized economy is an important factor in the country, where the state manages most of the wealth produced, with greater control over the economy.
Find out more about planned economy here:
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Renewable resources: Water, air, wildlife, forests,
Nonrenewable: oil, coal, and metals.
The actions that youth could take to avoid poverty traps are:
- Do not spend money on luxury items that we do not need
- Start to plan in creating early investments so we could reap the benefir as we got older
- Start to widen skills basics so we could receive a lot of job opportunities in the future
