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Africa Economy

QuestionAnswer
When you don't have any money to buy basic supplies. poverty
The total value of goods and services produced in 1 country in 1 year. GDP – Gross Domestic Product
Why is the HIV/AIDS infection rate so high in Sub-Saharan Africa? Why is it hard to combat HIV/AIDS in Africa? Lack of funding for education, prevention programs, and diagnosis. Lack of funding for education and prevention programs; government instability, high costs of HIV drugs.
Which trade barrier did the United States place on South Africa because of apartheid? embargo
What are the four factors of economic growth? Human capital, capital goods, natural resources, entrepreneurship
What are the three types of economic trade barriers? embargo, quota, tariff
What are the benefits of free trade? Lower priced goods because of competition; larger variety of goods; companies make more money; countries can specialize in what they do best
What are the most valuable resources in Africa? Gold, diamonds, uranium, oil, and platinum
Which valuable resource is found in Nigeria? oil
Describe the difference in the presence or absence of the four factors of economic growth in Nigeria and South Africa. How has it impacted the country’s economic development? Nigeria mainly focused on oil and did not invest as much in human capital or capital, which hurts their economic growth. South Africa invested in capital goods, human capital, natural resources, and entrepreneurs, which means their economy is grew.
What are tariffs? Tax on imports/exports
What is an embargo? ban on trade
What is a quota? a limit
Type of economy in South Africa Market
Type of economy in Kenya Mixed
Type of economy in Nigeria Mixed (towards market)
Created by: Mrs. Corey
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