In your journal… Which economic system do you think consumers (like you) would like the most and why? Answer in at least 3 sentences, please!

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Presentation transcript:

In your journal… Which economic system do you think consumers (like you) would like the most and why? Answer in at least 3 sentences, please!

Economy of South Africa and Nigeria At the end of the lesson, you should be able to answer: What are the differences in the economies of Nigeria and South Africa?

SG: South Africa specializes in gold and diamond mining.

SG: Nigeria specializes in oil production.

SG: The United States’ imports about 15% of its oil from Nigeria.

SG: Nigeria’s concentration on oil hurt that country’s overall economy because agriculture has suffered greatly and now Nigeria must import food.

SG: The country of South Africa made a big investment in human capital because some of that country’s most important industries need educated, skilled workers.

SG: South Africa invested heavily in capital goods for mining and heavy industry.

SG: Nigeria invested heavily in capital goods for oil production and refining.

SG: Nigeria’s decision about investing in capital goods affected many of those who live in Nigeria because the concentration on the oil industry has left Nigerians without proper food and housing.

SG: Much of the money earned from the sale of African gold and diamonds goes back to the citizens of South Africa.

SG: Some of the commercial uses of uranium are nuclear power plants and nuclear weapons.

SG: A result of Nigeria’s focus on the oil industry is a lack of improvements in agriculture.

SG: South Africa has 40 percent of the world’s gold supply.

SG: “Conflict diamonds” are sold to fund wars and rebellions.

Quiz Time!!!