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Africa Economy Vocabulary Review
Game Code: 349668
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
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