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Differentiate between the public and private sectors in which the South African economy is divided.

Explain the term Economic Growth.

"Sectors of the economy cannot function on their own. They are interrelated."

Sagot :

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Final answer:

The public sector is government-controlled, the private sector consists of privately owned businesses, and economic growth is the improvement in a country's production and living standards.


Explanation:

Public sector refers to the part of the economy controlled by the government, while the private sector comprises privately owned businesses. Economic growth is the increase in a country's production of goods and services over time, leading to rising incomes and improved living standards. The public and private sectors are interdependent, with each playing a crucial role in driving economic development through investments, infrastructure, and policies.


Learn more about Public and private sectors in the South African economy and economic growth here:

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