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Transcript of Economic Understandings To play the game, go to the next slide and click on a point value to go to a...
Economic Understandin
gsTo 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
ResourcesPersonal Finance
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Trade Barriers
Team 1 Team 2 Team 3 Team 4 Team 5
Wager Wager Wager Wager Wager
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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 entrepreneur
s?
Market Economy
score
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Who makes the decisions in a command
economy?
Government planning groups
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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.scor
e
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
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In what industry has South Africa
specialized?
Precious minerals
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board
In what industry has Nigeria specialized?
Oil
scoreboar
d
In what industries could Kenya and
Uganda plan together?
Cotton production and textile
manufacturingscor
e
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What is the purpose of
voluntary trade?
It encourages specialization and usually means more
profit.scor
e
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What type of trade barrier
results in taxes on imports?
Tariff
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What type of trade barrier
results in limits placed on the
number of imports that can enter a country?
Quota
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What type of trade barrier
involves a government order to stop
trade with another country?
Embargo
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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
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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
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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
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What are two examples of
investments in capital goods?
Factories and machines
score
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In what industry has South Africa
invested in capital and human
goods?
Mining and precious minerals
score
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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.scor
e
board
What are
“conflicted diamonds?”
Diamonds that are mined and sold to
fund armed conflicts
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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
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For what type of items should you
use credit?
Large items, e.g., cars, houses
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What term describes the
ability to borrow money?
Credit
score
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What is the term that describes
money left over after buying
things one needs and wants?
Savings
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What is another word for a plan of savings and
spending?
Budget
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What is included in income?
Money from working and
investing
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Make your wager on the scoreboard
score
Final 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
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