Price ceiling are measure employed by government to help the consumers by mandating a maximum price that the seller must charge for a product or service.
- The measure of imposing price in market are rare but are notably used during natural disasters.
- Price ceiling helps to prevent the producers from exploiting the consumers.
In conclusion, the major disadvantage of price ceiling is that when a price ceiling is set below the equilibrium price, the quantity demanded will exceed quantity supplied, thus, this will result to excess demand of goods and shortage in the market.
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Answer:
However, the economy has been characterised by a structural shift in output over the past four decades.
Since the early 1990s, economic growth has been driven mainly by the tertiary sector – which includes wholesale and retail trade, tourism and communications. Now South Africa is moving towards becoming a knowledge-based economy, with a greater focus on technology, e-commerce and financial and other services.
Among the key sectors that contribute to the gross domestic product and keep the economic engine running are manufacturing, retail, financial services, communications, mining, agriculture and tourism.
Explanation:
South Africa’s economy has traditionally been in the primary sectors – the result of a wealth of mineral resources and favourable agricultural conditions.
Most youths don’t want to work, and some that do find it hard getting a job because no one wants to give them a chance. Most places ask for experience in that field but how can I have experience if no one ever gave me a try also the older folks don’t want to give up their seat at the table for anyone.
Answer:
A cost-benefit analysis involves subtracting the sum of all the business costs from the business benefits.
Explanation:
Business is the act of exchanging goods and services for commercial purposes. The main aim of conducting a business for most people is to increase sales and make profit. In order to do this, there are business decisions that go into the running of business that determine how the business will perform. Most of these decisions if taken into account can lead to overall business success. There are different methods in economics that can aid a business person to make a decision, however, in this case we will consider the cost-benefit analysis as a tool of economics that can be used to make business decisions.
As indicated above, a cost-benefit analysis is a method that businesses often use to arrive at decisions. The analysis is done by first assigning monetary units to all the activities and processes that will go into the business. The total costs are then calculated from all the expenditures that will be incurred in the business. The benefits are then calculated from all the revenue expected to be got from the business. The costs are then subtracted from the benefits. The result can be either zero, negative or positive. A zero result implies that the business will break-even, there will be no losses or profits. A negative value implies that the business will go to a loss thus not advisable to venture in it. A positive result shows that the business will be profitable therefor it would be beneficial to venture into it.
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