Africa's Economy

2. Exchange: trading 1 country’s money for another
5. Rate: amount of people that can read & write in a country
6. Economy: type of economy where economic decisions are driven by consumers & business owners (no government involvement at all)
8. Goods (Industrial Capital): investments in factories, machines, technology (things people need to do their jobs better)
9. Economy: type of economy that blends more than 1 type of economic system. Usually part market & part command. This allows countries to still make money (market piece) while having laws that protect consumers & business owners (command piece).
10. Domestic Product (GDP): total value of a country’s goods & services in a year
12. Economy: type of economy where economic decisions are based on customs & traditions. Jobs are usually passed down through generations; found in remote areas; use “bartering” & “subsistence farming”
14. Capital: investments in people to make them better workers (i.e. education, training, healthcare)
15. limit on imports

1. “doing what you do best;” making the products your country can produce most efficiently to trade on the world market
3. when someone takes a risk to start a business
4. total halt/stop on trade, usually for political reasons
7. tax on imports
8. Economy: type of economy where economic decisions are made totally by the government
11. of Living: “how well you live,” level of material comfort
13. Resources: something that comes from the earth that people use to meet their needs (ex. oil, diamonds, gold, and water; in Africa these natural resources are unequally distributed)