This quiz is to assess student knowledge of the different types of economic systems that exist globally & Africa. Students will examine how government plays a vital role in determining the type of economic systems in place and what factors influence/impede economic growth.
Human Capital
Natural Resources
Capital Goods
Economic Systems
A head of state in control of resources
A dictator
Person in charge of international trade
Person who takes risks by starting a new business
Anyone can start a business if they want to
Companies control their own production
Supply and demand determine prices
The state owns all farms, but farmers can rent the land
Oil
Tobacco
Spices
Chocolate
It had vast oil reserves
Egypt had a large military
There were no tariffs in that region
Egypt had access to various trade routes
Compounding interest
Salary
Return on Investment
Credit
Tariff
Embargo
Capital
Quota
Without it, global trade would be impossible
Exchange rates change daily
Based upon govenment stability & market strength
Has no influence on buying or selling
Mountains
Deserts
Rivers
Rainforests
Spending money on luxuries
Saving money so that retirement is possible
Creating credit card debt
Investing in stocks
A restaurant owner
A concert promoter
A military general
A child with a lemonade stand
Traditional Economy
Command Economy
Market Economy
Voluntary Economy
Done for Profit-Such as cash crops
Grow food to feed the household
Done for Need
Make use of irrigation methods for watering
What is produced?
Who gets what is produced?
Where will it be produced?
Who should produce it?
People
How people manage their resources
The stock market
How money is invested
Executive
Judicial
Legislative
Monarchial
International Trade
Embargo
Foreign Exchange
Human Capital
ECOWAS-Economic Community of West African States
OPEC-Organization of Petroleum Exporting Countries
NAFTA-North American Free Trade Agreement
SADC-South African Development Community
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