Africa Economy Vocabulary Review | Baamboozle - Baamboozle

English 23 Public

SS7E1,2,3

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This country is closest to Market on the economic continuum

South Africa

20

South Africa, Nigeria, and Kenya's economies are all what type of economy?

Mixed

5

4 Ways to increase a country's GDP

Encourage entrepreneurs, invest in human capital, invest in capital goods, use $ from natural resources wisely

25

Why is starting a business is difficult

There is a risk that they might fail

10

What is when a country becomes a reliable producer of better developed products instead of trying to make everything they need/want

specialization

20

In which economy are goods are produced based ONLY on customs and how things were done in the past

traditional economy

5

Taxes on imported goods?

tariff

5

Limit on imported goods?

quota

5

Not allowing trade at all?

embargo

5

Man-made Tools and technology used to make goods and services

capital resources

10

Total value of goods and services made by a country in a year

Gross Domestic Product (GDP)

10

Something of value NOT made by man that is used to create goods and services

Natural resources

5

When a country trains and educates the work force of a country, what are they investing in?

Human Capital

15

the percentage of the population that can read and write

Literacy rate

10

The measure of how much one currency is worth in relation to another.

exchange rate

10

most common economic system; has a combination of market and command;

Mixed

10