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Africa Economic Understandings

Economic Understandings

SS7E1 The student will analyze different economic systems.

a. Compare how traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce.

b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command.

c. Compare and contrast the economic systems in South Africa and Nigeria.

SS7E2 The student will explain how voluntary trade benefits buyers and sellers in Africa.

a. Explain how specialization encourages trade between countries. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos.

b. Explain why international trade requires a system for exchanging currencies between nations.

SS7E3 The student will describe factors that influence economic growth and examine their presence or absence in Nigeria and South Africa.

a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP).

b. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP).

c. Explain how the distribution of diamonds, gold, uranium, and oil affects the economic development of Africa.

d. Describe the role of entrepreneurship.

SS7E4 The student will explain personal money management choices in terms of income, spending, credit, saving, and investing.

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