economic understandings to play the game, go to the next slide and click on a point value to go to a...

Economic Understandin

gsTo play the game, go to the next slide and click on a point value to go to a

question.

To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.

Economic Systems

Specialized Economies

Capital Investments

ResourcesPersonal Finance

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Trade Barriers

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In a traditional

economy, how are economic

decisions made?

Customs and habits are used

to make economic decisions. score

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Who makes decisions in a

market economy?

Individuals

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In what type of economy would you

find entrepreneur

s?

Market Economy

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Who makes the decisions in a command

economy?

Government planning groups

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Why do most world economies

operate somewhere between a

market economy and a command

economy?

Most economies have some

characteristics of a free market with

some government planning and

control.scor

e

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Why is specialization important in international

trade?

Specialization allows people to be

more efficient at producing what

they make best and trade for things

they need. score

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In what industry has South Africa

specialized?

Precious minerals

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In what industry has Nigeria specialized?

Oil

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In what industries could Kenya and

Uganda plan together?

Cotton production and textile

manufacturingscor

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What is the purpose of

voluntary trade?

It encourages specialization and usually means more

profit.scor

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What type of trade barrier

results in taxes on imports?

Tariff

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What type of trade barrier

results in limits placed on the

number of imports that can enter a country?

Quota

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What type of trade barrier

involves a government order to stop

trade with another country?

Embargo

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Why did a number of members of

the United Nations place an

embargo on South Africa?

They wanted to pressure

South Africa to end apartheid.

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How could a high tariff on imported

grain help a country that

produces grain?

Local grain would be cheaper than imported grain

resulting in people buying

from local farmers.

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What are two examples of

human capital?

Education, training

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What term describes the

total value of all the goods and

services produced within a country in a single year?

GDP (Gross Domestic Product)

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What are two examples of

investments in capital goods?

Factories and machines

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In what industry has South Africa

invested in capital and human

goods?

Mining and precious minerals

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How has the investment in

capital goods in Nigeria

negatively affected many

Nigerians?

Little money is left over to spend on

the basic needs of people. As a result, many

Nigerians do not have proper food

and housing.scor

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What are

“conflicted diamonds?”

Diamonds that are mined and sold to

fund armed conflicts

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Why does the world keep track of where Africa’s uranium is sold

and used?

Uranium is an essential ingredient in the manufacture of nuclear weapons.

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What African country has

approximately 40% of the

world’s supply of gold?

Republic of South Africa

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What company dominates the

diamond business in South

Africa?

DeBeers Company

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In what area of the continent are most of Africa’s known supplies of oil located?

Mediterranean Coast and eastern

section

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For what type of items should you

use credit?

Large items, e.g., cars, houses

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What term describes the

ability to borrow money?

Credit

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What is the term that describes

money left over after buying

things one needs and wants?

Savings

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What is another word for a plan of savings and

spending?

Budget

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What is included in income?

Money from working and

investing

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Make your wager on the scoreboard

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Final Question

What three conditions, which

exist in many African countries, keep an economy

from being strong?

Government and business

corruption

Internal fighting and civil war

Military rule score

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