Economy in Africa

What is a traditional economy?

• An economy where the government controls production and makes all decisions.

• An economy where the government has minor control.

• An economy that's based on traditions, customs, and beliefs.

• An economy that contains elements from market, command, and traditional.

What is a mixed economy?

• An economy where the government controls production and makes all decisions.

• An economy where the government has minor control.

• An economy that's based on customs, beliefs, and traditions.

• An economy that contains elements of market, command, and traditional.

What is a command economy?

• An economy where the government controls production and makes all decisions.

• An economy where the government plays a minor role.

• An economy that's based on customs, beliefs, and traditions.

• An economy that contains elements of market, command, and traditional.

What is a market economy?

• An economy where the government controls production and makes all decisions.

• An economy where the government plays a minor role.

• An economy that's based on customs, traditions, and beliefs.

• An economy that contains elements of market, command, and traditional.

What is a tariff?

• When a limited amount of production can be imported.

• A tax placed on goods

• When a country will no longer trade with another country

What is quota?

• When a limited amount of production can be imported.

• A tax placed on goods.

• When a country will no longer trade with another country.

What is embargo?

• When a limited amount of production can be imported.

• A tax placed on goods.

• When a country will no longer trade with another country.

What is GDP?

• The total value of all goods and services produced by a country in a single year.

• Knowledge and skills

• Technology and Machinery

What are capital goods?

• The total value of all goods and services produced by a country in a single year.

• Knowledge and skills.

• Technology and machinery.

What is human capital?

• The total value of all goods and services produced in a single year.

• Knowledge and skills.

• Technology and machinery.