1) Describe what is meant by each of the following: social inequality, social mobility, minimum wages (including youth subsidies), gender wage gap and the wealth gap.
2) Identify and discuss the causes of the issues mentioned in 1 above.
3) Mention possible solutions (distinguish between short term and long term consequences of these solutions) that will:
a. Improve social mobility
b. Decrease the wealth gap
4) Discuss the impact of minimum wages on the SA economy and compare this with what the experience has been in other countries. Clearly identify the positive and negative consequences of minimum wages and highlight the possible trade-offs that you think justify the introduction of minimum wages. Again, distinguish between short and long term trade-offs.
5) Evaluate policies a government might use to reduce the problems caused by a monopoly.