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Africa Economy Vocabulary Review
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This country is considered developing, but is investing in capital resources and human capital which is increasing their literacy rate and GDP?
Kenya
Which country -Agriculture is one of the largest sectors and arable land is its most valuable resource.
Kenya
Which country depends too much on oil?
Nigeria
Which country -Despite having lots of a very valuable resource, has over 70% of the people still live in extreme poverty?
Nigeria
Which country exports large amounts of gold and diamonds?
South Africa
In which economy do CONSUMERS ONLY control what, how, and for whom goods are produced
market
In which economy does the government ONLY control what, how, and for whom goods are produced
command
most common economic system; has a combination of market and command;
Mixed
The measure of how much one currency is worth in relation to another.
exchange rate
the percentage of the population that can read and write
Literacy rate
When a country trains and educates the work force of a country, what are they investing in?
Human Capital
Something of value NOT made by man that is used to create goods and services
Natural resources
Total value of goods and services made by a country in a year
Gross Domestic Product (GDP)
Man-made Tools and technology used to make goods and services
capital resources
Not allowing trade at all?
embargo
Limit on imported goods?
quota
Taxes on imported goods?
tariff
In which economy are goods are produced based ONLY on customs and how things were done in the past
traditional economy
What is when a country becomes a reliable producer of better developed products instead of trying to make everything they need/want
specialization
Why is starting a business is difficult
There is a risk that they might fail
4 Ways to increase a country's GDP
Encourage entrepreneurs, invest in human capital, invest in capital goods, use $ from natural resources wisely
South Africa, Nigeria, and Kenya's economies are all what type of economy?
Mixed
This country is closest to Market on the economic continuum
South Africa


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