Africa Economy

Africa Economy

Specialization

• Specialization = focusing on one specific good or service

• This is helpful because it allows resources to be used more efficiently

Multiple Choice

What is specialization?

• choosing a career that has intrinsic value

• making someone feel special about their product sales

• focusing on a specific good or service

• using more technology and equipment

Trade Barriers

• Embargo = ban

• Quota = limit

• Tariff = tax

Multiple Choice

What is an embargo?

• Ban

• Limit

• Tax

Capital Goods vs. Human Capital

• Capital Goods = things that help you make other products; example = forklift

• Human capital = investing in human's education

• Human Capital improves the economy because the workers are more knowledgeable and experienced in their field

Multiple Choice

What is an example of a capital good?

• A cell phone

• Shoes

• Forklift

• Computer

Nigeria = Natural Resources

• Have a lot of oil

• However, they don't have enough investment in human capital or capital goods

• Example: an oil rig could help them produce more oil more easily

Entrepreneurship

• Starting your own business or company

• Great for the economy!

• Helps boost GDP

Multiple Choice

How could you become an entrepreneur?

• get a job at Kroger

• buy a stock in Apple

• start your own restaurant

Currency / Exchange Rate

• Currency = money

• When you go to a new country, or trade with another country, your currencies usually don't match up

• SO , you have to use an exchange rate to change your currency to theirs in order to trade / buy things