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Economy Asia Africa

7 Economies of Asia & Africa

Specializes in mining especially gold, diamonds, and platinum South Africa
Once exported food but now imports it and specializes in oil and petrochemicals Nigeria
Natural resources that influence economic growth in Africa Uranium, gold, diamonds, and oil
Specialization in advanced agriculutural technologies helps this country overcome its lack of natural resources Israel
Specialization in oil helps this country trade for technologies such as desalination plants Saudi Arabia
Specializes in oil but oil wealth is controlled by the theocratic government and little of the wealth reaches the citizens Iran
The Four Modernizations and Special Economic Zones allowed this country to specialize in manufacturing China
Green Revolution helped improve agriculture but this country specialization is technology, especially electronics, and service industries India
The land of entrepreneurs and one of the most technologically advanced economies in the world Japan
Arable land and resources such as coal and iron are controlled by the government North Korea
Natural resources that determine a nation's wealth and well-being in SW Asia. Oil and water
Trade barrier that restricts the quantity of goods imported from another country Quota
Trade barrier that places a tax on imported goods Tariff
Trade barrier in which one country refuses to trade with another country Embargo
A product a country makes best that is of value on the world market, used to trade for what the country cannot produce Specialization
System in which the currency of one country is converted to equal value of another country's currency Currency exchange
Organization that regulates the production and price of oil on the world market Organization of Petroleum Exporting Countries (OPEC)
Organization to encourage cultural exchanges, economic cooperation and peace and stability in Southeast Asia Association of Southeast Asian Nations (ASEAN)
The elements that determine a country's economic growth Factors of Production
The knowledge, skills, and training needed to perform the work necessary for economic growth Human Capital
The factories, machines, and technologies needed to produce goods or perform services Capital Goods
Raw materials from nature that a country has to trade for or make goods Natural Resources
People who take the risk of business Entrepreneurs
The value of goods and services produced in a country in a year Gross Domestic Product (GDP)
Created by: clemon
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