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Which would be a problem for a community with a traditional economy
People in the country begin to want and need products that cannot be made or traded locally
Who takes on the financial risk in starting a new business in a market economy
individual business people
Why are most modern economics referred to as mixed economies
Poverty is always highest in countries with market economies
Why do most economies in the world today operate somewhere in between a market economu and a command economy
Most economies have found they need a mix of free market and some government control to be sucessful and protect comsumers
What does the chart indicate that might be a concern about the economy of South Africa?
The county has a high unemployment rate
How does voluntary trade help the economy
It encourages specialization and usually means more profit
Why is specialization so valuable in international trade today
Specialization allows people to do a more efficient job at producing what they make best and trade for the things they need
How has Nigeria's concentration on oil hurt that country's overall economy
Agriculture has suffered greatly and now Nigeria has to import FOOD
In which areas could Kenya and Uganda plan together to specialize
cotton production and textile manufacturing
how could a high tariff on imported grain help the people in the country charging the tariff
Local farmer will be able to sell their grain since it would be cheaper than imported grain
Why did a number of the countries of the United Nations have an embargo on South Africa
They wanted South Africa to end apartheid
Why is a system of currence exchange necessary for international trade
There must be a way to pay for goods purchased from countries with different types of currencies
Why has the country of South Africa made a big investment in human capital
The country needs more skilled and educated workers
What accounts for the high unemployment rate in South Africa
Unemployed blacks are still feeling the affects of the Apartheid Systrm
If a country does not invest in its human capital, how can it affect the country's Gross Domestic Product
GDP may go down because poorly trained workers will not be able to do their jobs as well
How had Nigeria's decision about investing in capital goods affected many of those who live in Nigeria
Concentration on the oil industry has left Nigerians without proper housing and food
What becomes of much of the money earned from the sale of African gold and diamonds
The money goes to pay for weapons used in wars and civil conflicts
How are the profits from diamonds being used today in many African countries
Profits fund military supplies and civil wars
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