SS7E1 Review

There are few obstacles to starting businesses

• Market Economy

• Command Economy

• Traditional Economy

Bartering is a common means of exchange

• Market Economy

• Command Economy

• Traditional Economy

There are strong private property protections

• Market Economy

• Command Economy

• Traditional Economy

The government owns all businesses

• Market Economy

• Command Economy

• Traditional Economy

The government sets production quotas for goods

• Market Economy

• Command Economy

• Traditional Economy

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

• All severely limit foreign trade.

• All discourage entrepreneurship.

• All have high standards of living.

• All have mixed economies.

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.

Read the passage and answer the question

• While both countries have market economies, Nigeria's economy has more command elements.

• While both countries have command economies, Nigeria's economy has more market elements.

• While both countries have market economies, South Africa's economy has more command elements.

• While both countries have command economies, South Africa's economy has more market elements.