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26 Cards in this Set
- Front
- Back
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entrepreneur
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a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
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human capital
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the skills, education, and training possessed by an individual or population
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market economy
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An economic system in which decisions are made by private citizens with little government regulation. |
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command economy |
An economic system in which the government makes all economic decisions. |
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capital goods
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goods that are used in producing other goods; factories, machinery, and technology available in a country.
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mixed economy |
an economic system in which it is a blend of command and market systems. |
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specialization |
producing those goods a country can make most easily so they can trade them for goods made by others that cannot be produced locally. |
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tariff
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a tax that is placed on imported goods |
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Quota |
a limit on the amount of imported goods. |
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traditional economy |
an economy in which the decisions are based on the customs and beliefs of their ancestors. |
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literacy rate |
the ability of the people over the age of 15 to read and write. |
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natural resources |
gifts of nature |
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embargo |
a ban on trading with a particular country for economic or political reasons. |
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trade barriers |
policies that limit the ability of a country to trade with other countries. |
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GDP |
the total value of all goods and services produced within a country in a single year. |
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How are tariffs, quotas, and embargos barriers to trade in Africa?
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All discourage free, limitless trade between countries.
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Why does international trade require a system of exchanging currencies between nations?
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Different countries use different currencies and each is worth different values.
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What is the role of entrepreneurship in Africa?
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Entrepreneurs have the "big idea" and are willing to take the risk to bring new businesses to Africa.
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How do natural resources affect a country's economy?
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Countries with many natural resources general have a better economy.
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Which country has a mixed/ command economy?
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Nigeria
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Nearly half of this country's land is arable, which is a tremendous resource?
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Nigeria
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Which country has the highest GDP? What does this say about the country's economy ?
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Nigeria
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Which country has the highest GDP per capita? What does this say about the country's standard of living?
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South Africa
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Which country has the lowest literacy rate?
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Nigeria
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Who makes the majority of the economic decisions in Nigeria's economy?
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the government
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South Africa's economy can be described as ____BLANK____. Leaning more toward a ___BLANK____.
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Mixed, market.
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