What is the study of how people use resources to meet their needs and wants?
What comes to mind when you think economics? Enter each word/phrase separately.
SS7E1 , SS7E2, SS7E3 Reviews Economic Systems, Economic Questions, Economic continuum, specialization, trade barriers, currency exchange, literacy rates, human capital, GDP, entrepreneurship News Compare & contrast economic systems in South Africa, Nigeria, and Kenya Explain how the distribution of natural resources affects the economic development of Africa.
Command Traditional Market Mixed
All countries today have what kind of economic system?
Those products a country makes best and that are in demand on the world market; to focus or devote oneself to a particular area of study or occupation.
What does specialization encourage?
- Trade Barriers
- Human Capital
Tariffs Quotas Embargos
In 1987, the United Nations General Assembly passed a resolution that prohibited countries from buying oil from South African an effort to persuade the nation to end the racist policies of apartheid. This is an example of a(n)
Pick 1 of the other 2 trade barriers and draw it. Label the barrier at the top of your drawing
What is currency? Why do we have to have a system to exchange it?
Choose 1 of the economic systems, write the system name at the top. Now answer the 3 economic questions of what to produce, how to produce, and for whom for that system.
How is GDP affected by: Human Capital Literacy Rates Entrepreneurship
Brain break: Create a collage using magazine cutouts of people, animals, and objects that represent a theme of your choice. You must use at least 7 cutouts and arrange them in an interesting way. You may also add paint, markers, or other found materials to your collage. Write your theme at the top of your collage!
All our focal countries have a mixed economy. Their economic freedom scores are: South Africa - 55.7 Kenya -52.5 Nigeria - 53.9
South Africa: diamonds & gold Nigeria: Oil Kenya: Tourism
Specialization & Focal Countries
Using those numbers, draw the 3 countries on the economic continuum.