Download Economy of South Africa and Nigeria

Journal Writing:
 Answer the following
questions: You must write
at least 3 complete
sentences!
 Which economic system
(traditional, market,
command) do you think
consumers, like you, would
like the most?
 Why?
Economies of South Africa and
Nigeria
E. Q. What are the differences in
the economies of Nigeria and
South Africa?
SS7E1c: The student will compare and contrast the economic systems
found in South Africa and Nigeria.
SG: South Africa specializes
in gold and diamond
mining.
SG: Nigeria specializes in
oil production.
SG: The United States’ imports
about 15% of its oil from
Nigeria.
SG: Nigeria’s concentration on oil hurt
that country’s overall economy because
agriculture has suffered greatly and
now Nigeria must import food.
SG: The country of South Africa made
a big investment in human capital
because some of that country’s most
important industries need educated,
skilled workers.
SG: South Africa invested
heavily in capital goods for
mining and heavy industry.
SG: Nigeria invested heavily in
capital goods for oil production
and refining.
SG: Nigeria’s decision about investing in
capital goods affected many of those
who live in Nigeria because the
concentration on the oil industry has left
Nigerians without proper food and
housing.
SG: Much of the money earned from the
sale of African gold and diamonds goes
back to the citizens of South Africa.
SG: Some of the commercial uses of
uranium are nuclear power plants
and nuclear weapons.
SG: A result of Nigeria’s focus on
the oil industry is a lack of
improvements in agriculture.
SG: South Africa has 40 percent of
the world’s gold supply.
SG: “Conflict diamonds” are sold
to fund wars and rebellions.
Quick Quiz
1. The economies of South Africa and Nigeria could be best described as:
a.
b.
c.
d.
Mixed
Market
Command
Traditional
2. What is South Africa’s main export?
a.
b.
c.
d.
Oil
Textiles
Gold and diamonds
Agricultural products
3. Which country has the largest per capita GDP?
a.
b.
c.
Nigeria
South Africa
GDP information is not available
4. Why was Nigeria formerly under a command economic system?
a.
b.
c.
d.
The country was under military rule.
Most people did not know how to produce anything on their own.
The government wanted to control the gold and diamond exports.
They were forced by the United Nations to use a command system.
5. What factor might be a concern about the economy of South Africa?
a.
b.
c.
d.
The GDP is lower than that of Nigeria.
The country has a high unemployment rate.
There is not much of a world market for gold and diamonds.
Few of their people are able to work in the services sector of the economy.