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Economic
Understandings
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Economic
Systems
Specialized
Economies
Trade
Barriers
Capital
Investments
Resources
Personal
Finance
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Final Wrap-Up
In a traditional
economy, how are
economic
decisions made?
Customs and
habits are used to
make economic
decisions.
Who makes
decisions in a
market economy?
Individuals
In what type of
economy would
you find
entrepreneurs?
Market Economy
Who makes the
decisions in a
command
economy?
Government
planning groups
Why do most world
economies operate
somewhere between a
market economy and a
command economy?
Most economies have
some characteristics of
a free market with
some government
planning and control.
Why is
specialization
important in
international
trade?
Specialization allows
people to be more
efficient at producing
what they make best
and trade for things
they need.
In what industry
has South Africa
specialized?
Precious minerals
In what industry
has Nigeria
specialized?
Oil
In what industries
could Kenya and
Uganda plan
together?
Cotton production
and textile
manufacturing
What is the purpose
of voluntary trade?
It encourages
specialization and
usually means more
profit.
What type of trade
barrier results in
taxes on imports?
Tariff
What type of trade
barrier results in limits
placed on the number
of imports that can
enter a country?
Quota
What type of trade
barrier involves a
government order
to stop trade with
another country?
Embargo
Why did a number
of members of the
United Nations
place an embargo
on South Africa?
They wanted to
pressure South
Africa to end
apartheid.
How could a high
tariff on imported
grain help a
country that
produces grain?
Local grain would be
cheaper than
imported grain
resulting in people
buying from local
farmers.
What are two
examples of human
capital?
Education, training
What term describes
the total value of all
the goods and
services produced
within a country in a
single year?
GDP (Gross
Domestic Product)
What are two
examples of
investments in
capital goods?
Factories and
machines
In what industry
has South Africa
invested in capital
and human goods?
Mining and
precious minerals
How has the
investment in capital
goods in Nigeria
negatively affected
many Nigerians?
Little money is left over
to spend on the basic
needs of people. As a
result, many Nigerians
do not have proper
food and housing.
What are
“conflicted
diamonds?”
Diamonds that are
mined and sold to
fund armed
conflicts
Why does the world
keep track of where
Africa’s uranium is
sold and used?
Uranium is an
essential ingredient
in the manufacture
of nuclear weapons.
What African
country has
approximately
40% of the world’s
supply of gold?
Republic of South
Africa
What company
dominates the
diamond business
in South Africa?
DeBeers Company
In what area of the
continent are most
of Africa’s known
supplies of oil
located?
Mediterranean
Coast and eastern
section
For what type of
items should you
use credit?
Large items, e.g.,
cars, houses
What term
describes the
ability to borrow
money?
Credit
What is the term
that describes money
left over after buying
things one needs and
wants?
Savings
What is another
word for a plan of
savings and
spending?
Budget
What is included in
income?
Money from
working and
investing
Make your wager
What three
conditions, which
exist in many African
countries, keep an
economy from being
strong?
•Government and
business corruption
•Internal fighting and
civil war
•Military rule