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African Econ

African Econ. Economics. Study of how people, businesses, and countries use limited resources, such as money and materials Each economic Systems attempts to answer What to produce? How to produce? For whom to produce? . Four Economic Systems. Traditional Command Market Mixed.

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African Econ

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  1. African Econ

  2. Economics • Study of how people, businesses, and countries use limited resources, such as money and materials • Each economic Systems attempts to answer • What to produce? • How to produce? • For whom to produce?

  3. Four Economic Systems • Traditional • Command • Market • Mixed

  4. South Africa • Most developed in Africa • Foreign investors in diamonds, gold, & uranium • Technology has helped them modernize • Economy is still uneven between the races (blacks typically earn lower wages, lack skills needed to advance, and face high unemployment)

  5. More • Relies heavily on service industries like banking, tourism, entertainment, and retailing • Manufacturing and mining are also key • Agriculture makes up les than 5% of economy • There is privatization and open markets but the government does impose some regulations - MIXED

  6. Egypt • MIXED • State-owned & private owned businesses • Increase in foreign investment • Rely on tourism • exports of natural resources: Crude oil, petroleum, cotton, wheat & other agricultural products help economy

  7. Nigeria • MIXED economy • Industry is limited • Ineffective land polices, political instability and corruption make foreign investment difficult • Over-dependent on oil • Leader in agricultural output but most poor

  8. Economic Growth Due to • Trade routes: Mediterranean Sea, Red Sea, Suez Canal, Indian Ocean • Trans-Saharan trade: trade across desert in past on camels • Barriers: rainforests, mountains, landlocked, rapids, political barriers, deserts

  9. Question • An economy in which the state owns most of the major industries and sets production would be a/an • Command economy • Governmental economy • Market economy • Efficient economy

  10. Question 2. Egypt is best described as a • Mixed economy leaning towards free markets • Mixed economy leaning towards command • Traditional economy • Market economy with traces of a mixed economy in certain sectors

  11. Question 3. Which of the following acts as a natural barrier to trade? • Mediterranean Sea • European tariffs • Oil embargoes • Deserts of Chad

  12. Writing • Compare & Contrast the economies of South Africa and Nigeria

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