SS7E1 Review

Front

There are few obstacles to starting businesses. What type of economy is this? Options: Market Economy, Command Economy, Traditional Economy

Back

Market Economy

Front

Bartering is a common means of exchange

Back

Traditional Economy

Front

There are strong private property protections. What type of economy does this describe? Options: Market Economy, Command Economy, Traditional Economy

Back

Market Economy

Front

The government owns all businesses

Back

Command Economy

Front

The government sets production quotas for goods

Back

Command Economy

Front

Based on the information in the diagram, what do the economies of Nigeria, South Africa, and Kenya have in common?

Back

All have mixed economies.

Front

In South Africa, businesses and consumers make decisions based on market principles rather than government demands. For many years, the Nigerian government controlled the major industries in the country. Recently, more and more industries have been taken out of the government's hands and become privatized. While both countries have market economies, what can be said about Nigeria's economy?

Back

Nigeria's economy has more command elements.