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Africa Economy Vocabulary Review

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