Question 2 [33]
2.1 Study the picture below and answer the questions that follow.
2.1.1 State the economic system represented in the above picture and explain the reason for your answer. (3)
2.1.2 Using academic sources, tabulate three (3) differences between the three economic systems, state the philosophers who coined each system, and describe the basis upon which they coined those economic system. (10)
0 2 4 6 8 10
No mentioning of the economic systems, their philosophers and basis upon which they are coined Economic systems are only stated with no differentiation Economic systems are only stated with their philosophers Economic systems are only differentiated. Economic systems are differentiated and their philosophers stated. Economic systems are differentiated, their philosophers stated and the description upon which they are coined.
2.1.3 Taking into consideration the economic systems mentioned in the above question, justify which system would be most suitable for the development of South Africa and why other systems would not be suitable. (10)
0 2 4 6 8 10
No attempt made to answer the question Poor justification of economic sytems and why others would not be suitable Fair justification of economic systems and why others would not be suitable Good justification of economic systems and why others would not be suitable Very good justification of economic systems and why other would not be suitable Excellent justification of the economic system and why others would not be suitable
2.2 According to Maslow’s Hierarchy of Needs, people's needs are classified into different levels of which to satisfy one’s needs, an individual needs to commence with the lowest needs and move along the hierarchy to the highest need.
Taking into consideration above statement by Maslow, through academic sources, make a compelling argument disputing what has been said by Maslow especially taking into consideration how things have transformed in modern societies. (10)
0 2 4 6 8 10
No argument made against Maslow's hieracrch of needs Poor argument made against Maslow’s hierarchy of needs Fair argument against Maslow’s hierarchy of needs Good argument against Maslow’s hierarchy of needs Very good argument against Maslow’s hierarchy of needs Excellent argument against Maslow’s hierarchy of needs.
2.1.1 The economic system represented in the above picture is capitalism. This can be determined by the presence of private property (the car), a market (the street vendors selling goods), and the concept of profit (the exchange of money for goods).
2.1.2
| Economic System | Differences | Philosopher | Basis |
|-------------------|-----------------------------------|-----------------------|-----------------------------------------------------|
| Capitalism | Private ownership of means of | Adam Smith | Free market economy |
| | production, profit-driven market | | |
| Socialism | Collective ownership of means of | Karl Marx | Economic equality and social welfare |
| | production, central planning | | |
| Communism | Classless society, common ownership | Friedrich Engels | Elimination of private property and inequality |
| | of means of production | | |
2.1.3 In the context of South Africa, socialism would be a more suitable economic system for development. Capitalism may not be suitable due to its tendency to exacerbate income inequality, which is already a significant issue in South Africa. Additionally, communism may not be suitable as it could stifle innovation and individual motivation. Socialism, with its focus on economic equality and social welfare, could potentially address these issues and promote more inclusive growth for South Africa.
2.2 There is a compelling argument against Maslow's Hierarchy of Needs in modern societies. With advancements in technology and changes in societal structures, individuals may not necessarily need to progress through all levels of the hierarchy in a linear manner. For example, access to social media and virtual connections may fulfill the need for social belonging without the need to satisfy physiological or safety needs first. Additionally, the concept of self-actualization may differ for individuals in modern societies, with some finding fulfillment in non-traditional ways such as creative pursuits or advocacy work. This challenges the idea that individuals must satisfy lower level needs before moving on to higher level ones.