32 terms

Africa Economy

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free market
type of economy that allows private ownership, business competition, and consumer choices
command
type of economy where the government has central ownership
mixed
most common economic system; has a combination of market and command; individuals & businesses are the decision makers
traditional
type of economy based on rituals, habits, and customs; this system is often rural and farm-based
GDP
the total output of goods and services produced in a year in a country
exchange rate
how much one currency is worth when compared to another currency
currency
Coins and paper bills used as money
tariffs
taxes on imported goods
embargo
economic trade barrier issued to prevent or stop trade between another country
franc
currency of Chad
rand
currency of South Africa
naira
currency of Nigeria
shilling
currency of Kenya
entrepreneur
a person that takes a risk to start a new business
human resources
the work people do for a company
human capital
the technical knowledge and skills that a worker has
unemployment rate
the portion of people in the labor force who are not working
natural resources
land, water, air, minerals, and time that affect the economy
standard of living
Quality of life based on ownership of necessities and luxuries that make life easier.
bartering
trading without using money
specialization
producing goods and services that a country provides best and most efficiently
gold, diamonds, minerals
South Africa's special natural resources
arable
land that is capable of being farmed
literacy rate
the percentage of the population that can read and write
mixed
type of economy of both Nigeria and South Africa
natural gas, oil, petroleum
Nigeria's natural resources
uranium
element that is essential to nuclear weapons; Africa has
oil
profits from this resource along the Mediterranean coast often go into the pockets of corrupt politicians and businessmen
conflict diamonds
diamonds that are mined and then put on the market to fund armed conflict
trade surplus
when the value of the exports is greater than the value of its imports
trade deficit
when a country imports more than they export
quotas
a limit placed on imported goods that can enter a country