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 at the bottom of the main screen.
Economic Systems Specialized Economies Capital Investments Resources Personal Finance Trade Barriers
Team 1Team 2Team 3Team 4 Team 5 Wager board
In a traditional economy, how are economic decisions made?
Customs and habits are used to make economic decisions. score board
Who makes decisions in a market economy?
Individuals score board
In what type of economy would you find entrepreneurs?
Market Economy score board
Who makes the decisions in a command economy?
Government planning groups scoreboard
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. score board
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 board
In what industry has South Africa specialized?
Precious minerals score board
In what industry has Nigeria specialized?
Oil score board
In what industries could Kenya and Uganda plan together?
Cotton production and textile manufacturing score board
What is the purpose of voluntary trade?
It encourages specialization and usually means more profit. score board
What type of trade barrier results in taxes on imports?
Tariff score board
What type of trade barrier results in limits placed on the number of imports that can enter a country?
Quota score board
What type of trade barrier involves a government order to stop trade with another country?
Embargo score board
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. score board
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. score board
What are two examples of human capital?
Education, training score board
What term describes the total value of all the goods and services produced within a country in a single year?
GDP (Gross Domestic Product) score board
What are two examples of investments in capital goods?
Factories and machines score board
In what industry has South Africa invested in capital and human goods?
Mining and precious minerals score board
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. score board
What are “conflicted diamonds?”
Diamonds that are mined and sold to fund armed conflicts score board
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. score board
What African country has approximately 40% of the world’s supply of gold?
Republic of South Africa score board
What company dominates the diamond business in South Africa?
DeBeers Company score board
In what area of the continent are most of Africa’s known supplies of oil located?
Mediterranean Coast and eastern section score board
For what type of items should you use credit?
Large items, e.g., cars, houses score board
What term describes the ability to borrow money?
Credit score board
What is the term that describes money left over after buying things one needs and wants?
Savings score board
What is another word for a plan of savings and spending?
Budget score board
What is included in income?
Money from working and investing score board
Make your wager on the scoreboard scoreFinal 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 board