Economics in Africa Flashcard

Front

How would you describe South Africa's economy on the economic scale? Options: Mostly Traditional, Mostly Market, Mostly Command, All the above

Back

Mostly Market

Front

What do Kenya, Nigeria, and South Africa have in common about their economies?

Back

They use a mix of market and command systems.

Front

Which country has the most government rules about the economy? Options: Kenya, Nigeria, South Africa, None of these

Back

Kenya

Front

Which African country has the biggest economy because it exports a lot of oil? Options: Kenya, South Africa, Nigeria, None of these

Back

Nigeria

Front

Which letter represents Nigeria on the economic scale? Options: Market economy, Mixed economy, Command economy, Traditional economy

Back

Mixed economy

Front

In many African villages, people trade items without using money. What kind of economy does this show?

Back

A barter system

Front

What is a key feature of a command economy?

Back

The government makes all economic decisions.

Front

What is a mixed economy?

Back

A system that combines private businesses and government rules.

Front

Which type of economy relies on customs and traditions?

Back

Traditional economy

Front

What does it mean when an economy is mostly market-based?

Back

Prices and production are based on what people want.