1. 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!

2. 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?

3. SG: South Africa specializes in gold and diamond mining.

4. SG: Nigeria specializes in oil production.

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

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

7. 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.

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

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

10. 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.

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

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

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

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

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

16. Quiz
Time!!!