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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.
![Page 2: Economic Understandings To 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](https://reader030.vdocuments.us/reader030/viewer/2022032701/56649c6e5503460f94920432/html5/thumbnails/2.jpg)
Economic Systems
Specialized Economies
Capital Investments
ResourcesPersonal Finance
100
200
300
400
500
100 100 100 100 100
200 200 200 200 200
300
400
500
300 300 300 300
400 400 400 400
500 500 500 500
Trade Barriers
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Team 1 Team 2 Team 3 Team 4 Team 5
Wager Wager Wager Wager Wager
board
0 0 0500 00
0 0 0 0 0
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In a traditional
economy, how are economic
decisions made?
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Customs and habits are used
to make economic decisions. score
board
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Who makes decisions in a
market economy?
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Individuals
score
board
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In what type of economy would you
find entrepreneur
s?
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Market Economy
score
board
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Who makes the decisions in a command
economy?
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Government planning groups
score
board
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Why do most world economies
operate somewhere between a
market economy and a command
economy?
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Most economies have some
characteristics of a free market with
some government planning and
control.scor
e
board
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Why is specialization important in international
trade?
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Specialization allows people to be
more efficient at producing what
they make best and trade for things
they need. score
board
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In what industry has South Africa
specialized?
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Precious minerals
score
board
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In what industry has Nigeria specialized?
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Oil
scoreboar
d
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In what industries could Kenya and
Uganda plan together?
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Cotton production and textile
manufacturingscor
e
board
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What is the purpose of
voluntary trade?
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It encourages specialization and usually means more
profit.scor
e
board
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What type of trade barrier
results in taxes on imports?
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Tariff
score
board
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What type of trade barrier
results in limits placed on the
number of imports that can enter a country?
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Quota
score
board
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What type of trade barrier
involves a government order to stop
trade with another country?
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Embargo
score
board
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Why did a number of members of
the United Nations place an
embargo on South Africa?
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They wanted to pressure
South Africa to end apartheid.
score
board
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How could a high tariff on imported
grain help a country that
produces grain?
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Local grain would be cheaper than imported grain
resulting in people buying
from local farmers.
score
board
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What are two examples of
human capital?
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Education, training
score
board
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What term describes the
total value of all the goods and
services produced within a country in a single year?
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GDP (Gross Domestic Product)
score
board
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What are two examples of
investments in capital goods?
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Factories and machines
score
board
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In what industry has South Africa
invested in capital and human
goods?
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Mining and precious minerals
score
board
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How has the investment in
capital goods in Nigeria
negatively affected many
Nigerians?
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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
e
board
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What are
“conflicted diamonds?”
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Diamonds that are mined and sold to
fund armed conflicts
score
board
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Why does the world keep track of where Africa’s uranium is sold
and used?
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Uranium is an essential ingredient in the manufacture of nuclear weapons.
score
board
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What African country has
approximately 40% of the
world’s supply of gold?
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Republic of South Africa
score
board
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What company dominates the
diamond business in South
Africa?
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DeBeers Company
score
board
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In what area of the continent are most of Africa’s known supplies of oil located?
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Mediterranean Coast and eastern
section
score
board
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For what type of items should you
use credit?
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Large items, e.g., cars, houses
score
board
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What term describes the
ability to borrow money?
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Credit
score
board
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What is the term that describes
money left over after buying
things one needs and wants?
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Savings
score
board
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What is another word for a plan of savings and
spending?
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Budget
score
board
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What is included in income?
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Money from working and
investing
score
board
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Make your wager on the scoreboard
score
Final Question
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What three conditions, which
exist in many African countries, keep an economy
from being strong?
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Government and business
corruption
Internal fighting and civil war
Military rule score
board