Economic Systems
This economy is a combination of a command and market economy.
What is a Mixed economy
What is the official currency of Nigeria?
What is a Naira?
Definition:Anything that slows down or prevents one country from exchanging goods with another.
What are Trade Barriers
When countries or businesses have the right to buy or sell products as they want. (2 words)
What is voluntary trade?
Machinery, Factories, and Technology are examples of what?
What is Capital Goods?
This economic system relies on trade and bartering.
What is Traditional
South Africa specializes in this natural resource?
What is precious metals?
The United States placed an embargo on this country in hopes to end the Apartheid.
What is South Africa
What a country makes best because of resources available.
What is specialization?
Investing in education and job skills means you are investing in what?
What is Human Capital?
This economic system has the most government control.
What is Command
Nigeria specializes in what natural resource?
What is Oil?
A tax placed on goods coming into one country from another.
What is a tariff?
The exchange of goods
What is trade?
Someone who opens their own business, baring all the risks that come with it.
What is an Entrepreneur?
This economic system has the least government control.
What is Market
What is the official currency of South Africa?
What is a Rand?
A limit on the amount of foreign goods allowed into a country.
What is a quota?
The percentage of people who can read or write in a country.
Why is literacy rate?
Nigeria's private sector growth has been hindered by what?
What is Government Corruption?
What are the three economic questions?
What to Produce?
How to Produce?
For Whom to Produce?
What is the official currency of Kenya?
What is a Shilling?
A total ban on trade with a particular country for economic or political reasons.
What is an embargo?
This is a measure of the value of all goods and services produced in a country over a specific time period.
What is Gross Domestic Product (GDP)?
What are the 4 factors of production?
What is Human Capital, Capital Goods, Natural Resources, Entrepreneurs?